What can I expect if I "deed-in-lieu-of-foreclosure" on my d

sarah456sab · Joined: 24 Oct 2007 Posts: 1 1.39 Dollars($)

My husband and I invested in several rental properties - a few in my name alone, but most in his name. He died of lung cancer in April 2006, and I have managed to sell all but three of the properties titled to him. Two of the three are in a small city in Florida where property values have nose-dived and, IF the tenants stay, the rent is not nearly enough to cover the cost of the sky-rocketing taxes and insurance. I have tried to keep up, but I find I am in a reverse situation with all the mortgages as I have been forced to pay the minimum (ARM).
Since these two properties are still in his name I do not think that by surrendering them back to the mortgage companies will hurt my own credit. I was never on the deeds or the titles but they have my ss#, etc.

evolovik26 · Posted: Wed Oct 24, 2007 8:26 am Post subject:

call the mortgage companies tell them that your husband died send them death certificate then tell them to come get their properties. Its not your responcibility if you are not on the loan. Only the people on the loan are liable. Even if you are on the title you are not liable.

Guest 0.10 Dollars($)

Hi,

You should talk to the mortgage lender immediately.

If the ownership of the properties come down to you after your husband's death, then I guess you are responsible to pay the mortgage.

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