 enzoferrari
Joined: 21 Mar 2011
Posts: 1
1.47 Dollars($)
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Posted: Mon Mar 21, 2011 10:29 am Post subject: Mother left "Upsidedown" Morgtage to only child de
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| My Mother died recently and had a deed not with a traditional finance company or bank, but a wealthy individual who was a dear fried of the family. Anyway, through the years this person allowed my mother to live in this condo essentially for free. She never made a single payment toward the mortgage the entire 10 years she lived there by herself. Her name is the only one on the deed/Mortgage. Also, as time progressed this "wealthy friend" loaned her money and such and simply added all this to the mortgage. All in all, a $55,000 condo now has a mortgage with $91,000 owed on it and zero paid toward the principal or interest. I obviously cannot take this property due to my financial situation so I am going to return it to the wealthy friend who set up this mortgage for my mother. I have already mailed the keys to him. His personal assistant called the other day and wants me to QuitClaim Deed it back over to him so they don't have to go through the Mortgage foreclosure process which could cost them money. Is this a good option for me to wash my hands entirely of this property? Or, is there a financial gotcha to this that could come back and haunt me? Once again, my name is not on the deed, but I am the executor of the estate as defined in her will. |
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