Posted: Tue Aug 28, 2007 4:41 pm Post subject: Condo nightmare
My husband and I own a home in Florida, We have lived here since the 80's we have a 250,00.00 mortgage, his name is one on the mortgage, but I am on the deed. In 2005 we bought a condo for retirement in Miami and again I was not on the mortgage nor was I on the deed with this property. He passed away in July and I can no longer afford the Miami condo, I found out that I cannot even sell it because I am not on the deed. I would have to create an estate, (about 3,500.00) the condo has gone down in price, my true question is can they do anything to my florida home that I live in if the miami condo should go into forclosuer? We also have land in mississippi that is $100.00 a month I am not on the mortgage note but on the title. Can they force me to pay the loan in full for this or place any kinds of liens on any property? What about credit cards that were in his name only. There was no life insurance and I do have a good job that I can start to rebuild my life but if they start placing liens, maybe I should walk away from everyting? I have good credit none of the loans show on my credit and I have $3,000.00 in credit card debt that I want to pay off when I get my bonus in October. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
I am very sorry to hear about your husband's demise.
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my true question is can they do anything to my florida home that I live in if the miami condo should go into forclosuer?
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Can they force me to pay the loan in full for this or place any kinds of liens on any property?
Lender can foreclose on that Miami condo but won't be able to sue for getting a deficiency judgment.
A deficiency judgment is requested by lenders to be able to recover the balance dues from other properties borrower owns. But after borrower dies, it is not possible to put any claim on properties which his heirs receive after his death.
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What about credit cards that were in his name only.
Card companies will attempt to recover their dues from your husband's estate. But you will not be held liable for repayment of the debts. You can read more on this topic from this following page: What happens to credit card debt upon someone's death?
Do let me know if you have any other questions.
Thanks
Blue _________________ Lets help each other. Try my blog
"I was not on the mortgage nor was I on the deed with this property. He passed away in July and I can no longer afford the Miami condo, I found out that I cannot even sell it because I am not on the deed. "
As your husband has passed away, the mortgage company would call the loan due and ask for it to be sold for meeting the balance on the mortgage.
This applies to mortgage on the other home also. You can let the condo be sold off to meet the balance mortgage and refinance the mortgage on the Florida home in your name.
If you are on title you have the ownership rights to the property but you are not responcible for the loans on it. You have now inherited the property. If you can sell it for profit send the death certificae to the mortgage company talk to an attorney on how to transfer property in your name and sell it. Any money that is left after the mortgage is satisfied is yours, If there is not enough equity in the home to cover the mortgage simply callin to the mortgage company send them the death certificate, release the property to them and they will sell it ( you are not responcible)
As far as credit cards are concerned call them up, explain situation, send them the copy of death certificate and they will close the accounts out (you are not responcible), the condo should be yours through inheritance but you are not responcible for payments on it nor will it in any way should it affect your other property or your credit.
It is a bad time for you i am sure but keep your head clear and you'll get through this. Get what you can from it so that you can continue your life and get rid of all the other stuff. _________________ Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending
Posted: Mon Sep 03, 2007 12:38 pm Post subject: RE: pay off credit cards and mortgage loan
Hi Hannah,
As far as paying off the cc debts are concerned, that is important but first of all the top priortity debts (medical bills, secured debts etc) need to cleared. Most of the times, credit card debts are cleared through the estate of the deceased person before it is distributed to his heirs. So, the person administering the estate has to inform the credit card company of the death of the debtor.
The credit card companies are however aware that there are primary debts to be paid off first and hence they do wait, often ageering to accept a smaller amount that the oyutstanding balance.
Now, as far as the condo is concerned, if you are not able to pay for it, your home in Florida shouldn't be affected.
I am sorry to hear about your loss. Creditors will tell you you are liable for the debt, just stay firm in not assuming the debt. By law that debt leaves once the person is deceased. Good luck!
blue
