Posted on: 21st Sep, 2011 12:08 am
my twin brother passed away sept 7th 2011 I have right to survivorship, however he owes pass payments he tried everything to catch up and the banks would not help him. chase has not foreclosed on the house yet and i have not let them know what is happened. will they have to renegoiate with me. purchased price for the house was 138,000 now assed at 58,500 what should i do.
hi commander,
you can renegotiate with the lender so that he is convinced about the present situation and let you refinance or assume the loan. if you want to save the property, then you should negotiate with the lender so that he lets you assume the loan. if you don't want to save the property, then you can surrender it to the lender and he can foreclose the property. however, if your name is mentioned on the mortgage docs, then the foreclosure will have a negative affect on your credit report and lower your scores by 250 points.
take care
you can renegotiate with the lender so that he is convinced about the present situation and let you refinance or assume the loan. if you want to save the property, then you should negotiate with the lender so that he lets you assume the loan. if you don't want to save the property, then you can surrender it to the lender and he can foreclose the property. however, if your name is mentioned on the mortgage docs, then the foreclosure will have a negative affect on your credit report and lower your scores by 250 points.
take care
thank you
You're welcome!! :)