Posted on: 07th Feb, 2008 08:16 am
My ex husband passed away. He owned a duplex which he quit claimed to his mother. She has gone and quit claimed it to myself without my knowledge. This property has taxes and insurance and who knows what else still out standing. I do not have the finances nor do i want the responsibility of this property. I have two children that I have full responsibility for now and no extra means to take care of them. I am concerned that this will ruin my credit. The mortgage is still in the deceased name.
hello? did i hear mention of legal counsel here?
you ought to contact a lawyer to discuss this, carol.
you ought to contact a lawyer to discuss this, carol.
Hi Caroltee,
Is the property value is less than the due mortgage amount? Is not then you can simply sell the property and pay off the mortgage. First of all you should have a talk with your mother in law. If she wants to have the house, then you can quitclaim back to her. Otherwise you can sell the property as you say "nor do i want the responsibility of this property"
Thanks.
Larry
Is the property value is less than the due mortgage amount? Is not then you can simply sell the property and pay off the mortgage. First of all you should have a talk with your mother in law. If she wants to have the house, then you can quitclaim back to her. Otherwise you can sell the property as you say "nor do i want the responsibility of this property"
Thanks.
Larry
It does not seem logical that your ex-husband transferred title to a property while still paying a mortgage. Most mortgage companies prohibit that.
In any event, your ex-husband's estate is liable for the mortgage. The mortgage company may decide to foreclose on the property.
You can always quitclaim the property back to his mother. However, I recommend you contact a probate attorney to see about having your husband's estate probated. The probate court will assign a trustee who will likely sell the property to pay off the mortgage. Any equity will be passed to the heirs.
In any event, your ex-husband's estate is liable for the mortgage. The mortgage company may decide to foreclose on the property.
You can always quitclaim the property back to his mother. However, I recommend you contact a probate attorney to see about having your husband's estate probated. The probate court will assign a trustee who will likely sell the property to pay off the mortgage. Any equity will be passed to the heirs.
jheard, if the bank forecloses on the property, and if it is in my name, will that affect my credit and am i "named" in that foreclosure? his mortgage did have an accerlation clause and any transfer of title without the lenders consent, the lender could accelerate
Hi Carol,
I think that if the mortgage is on your name and the bank forecloses the property, then it will a huge negative affect you credit and also will be shown on your credit report for almost 10 years.
Feel free to ask if you have any further questions
Best of luck,
Larry
I think that if the mortgage is on your name and the bank forecloses the property, then it will a huge negative affect you credit and also will be shown on your credit report for almost 10 years.
Feel free to ask if you have any further questions
Best of luck,
Larry
Hi Carol,
If there has been a title transfer without informing the lender and there's an acceleration clause on the mortgage, chances are that the lender may take some action in case he comes to know of it. Like, he may ask for the entire balance to be paid when he'll come to know but that depends on the lender and the terms and condition on your loan doc.
If the bank forecloses, it will affect your credit even if only the property is in your name. However, the foreclosure will reflect on your credit report for 10 years but the effect will minimize slowly with time once you start rebuilding your credit.
Take Care
If there has been a title transfer without informing the lender and there's an acceleration clause on the mortgage, chances are that the lender may take some action in case he comes to know of it. Like, he may ask for the entire balance to be paid when he'll come to know but that depends on the lender and the terms and condition on your loan doc.
If the bank forecloses, it will affect your credit even if only the property is in your name. However, the foreclosure will reflect on your credit report for 10 years but the effect will minimize slowly with time once you start rebuilding your credit.
Take Care