Posted: Mon Nov 02, 2009 2:30 pm Post subject: Foreclosing on Property
I have a piece of property I need to Foreclose on.
One of the purchasers theHusband Died in 2006. He is
survived by the wife (co-purchaser) and two minor children.
Who is responsible for Proof of heirship if proceeds exceed
the amount of indebtedness? The Total after foreclosure sale will probably be less than $5,000.00
It is the wife who can file an affidavit of heirship and transfer the property in her name.
If the wife does not transfer the property in her name and if the mortgage is not refinanced by her, then you would only be able to sell off the property. You won't be able to recover the deficient amount. This is because the owner of the mortgage is deceased. _________________ Procrastination is the enemy of your financial sucess
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