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Mortgage

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HELP Guest	Posted: Mon Aug 09, 2010 7:34 pm    Post subject: Mortgage Like 0 Dislike 0 My mother mortgaged her house for 84,600 in 2003 and in 2004 she deeded the property to myself and my brother and sister. We went to a attn. shortly after that and they signed thier intrest over to me and my wife in a quitclaim deed and she kept a life estate to the property. Mother died in 2005 and we have been making the payments since then. This was a terrible loan with a arm that can adjust between 7.5 and 13 percent. We have tried numerous times to get the house re-financed but we are told the house will not appraise high enough. I have tried working with the mortgage company but they dont seem to care. We are going to just walk away from this disaster. We were wondering how this will affect us. We are in North Carolina. I was not the power of attn. on her estate nor was I the executor so I have no Idea what was done. I have read somewhere about property being transfered before a death does not have to be listed on the estate but I am skeptical of this. Can anyone shed some light here for me? Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 09, 2010 10:46 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as I know, if the property has been already transferred to an heir, then it shouldn't be listed in the estate of the deceased. If you walkaway from the property, the lender will foreclose it. This will help the lender to recover his dues. A foreclosure will have negative affects on your credit report. It'll lower your credit score by 250 points. Moreover, this negative item will remain on your credit report for 7 years and you'll be liable for paying the deficient balance. Feel free to ask if you've further queries. Sussane
HELP Guest	Posted: Mon Aug 09, 2010 11:51 pm    Post subject: Mortgage Like 0 Dislike 0 The mortgage is not in my name, but the deed is. This will still affect my credit? I did not sign the mortgage nor did I borrow the monney.
jhelwell Joined: 11 Aug 2010 Posts: 1 1.19 Dollars($)	Posted: Wed Aug 11, 2010 4:18 am    Post subject: Like 0 Dislike 0 Your credit will not be affected in the scenario you described. I suggest that you find a competent real estate agent to help you determine if there is sufficient equity in the property to make it worthwhile for you to sell it.....if there isn't, call the lender and ask them where they would like you to send the keys. (I'm assuming that the estate has been settled.....if it hasn't there may be other issues that the estate attorney can address.)

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