Foreclose?

glotaduran · Joined: 06 Mar 2008 Posts: 1 1.31 Dollars($)

My sister passed away last Feb 1. She owned a townhouse. Her interest rate will be resetting this month. The value of the house is 50 thousand lower. Her husband is not in the mortgage or title. He doesn't want to keep the house since he cannot afford to pay monthly payment. My sister doesn't have any asset.

Thank you,

jameshogg

Hi Glotaduran,

Welcome to forums.

I think your sister is on the loan. So is she in default already or just that she will not be able to afford anymore. There are a number of ways through which one can avoid foreclosure and move on with the mortgage payments. But she may not be able to go for some of those options simply because she may not be in default.

However the best thing would be to take a look at some of the options to prevent foreclosure , find out which is suitable for you and then see if your lender approves that option or whether he has some other suggestions. This is because he is the person who's taking care of the loan servicing.

Thanks

larry · Joined: 27 Jun 2007 Posts: 3245 460.30 Dollars($)

Hi glotaduran,

I am sorry to hear about your sister. Are you on the deed of the house?

As you sister has passed away and the value of the house is less than the amount owed in the mortgage, I think you do not want to take the responsibility of the house. Even her husband also does not want to "to keep the house since he cannot afford to pay monthly payment". So even it goes for foreclosure it will not affect you credit and you will not be responsible to pay anything.

Best of luck,
Larry

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