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Lisa2g2 · Joined: 17 Sep 2009 Posts: 1 1.37 Dollars($)

I inherited at Townhome my brother/single/no kids owned. I have no money to pay the $1100 a month mortgage pmt. Since the Summary of Administration through Probate made me the owner, what am I responsible for? The Property taxes? The Homeowners Insurance? Is a deed in lieu a way to take away my ownership and responsibility for these things and allow the Investor to be? It's a sad situation and I just want to be free of liability of it.

gmakerley · Posted: Thu Sep 17, 2009 11:01 am Post subject:

a deed in lieu may work, but why don't you look into other, saner alternatives? how about selling the home? you didn't address its value or the mortgage balance, nor did you try to make a case for your being eligible for a deed in lieu of foreclosure.

in order for the lender to accept one, you'll need to provide documentation to them explaining your rationale and they'd have to agree with you.

Posted: Mon Sep 21, 2009 5:51 pm Post subject: Deed in Lieu

The mortgage is $123,900 in my brother's name. We are getting offers of $90,000. The bank is waiting and taking their time stringing things out hoping for a higher offer. I have since found out the Heir's are not responsible for the Mortgage or the Taxes. Deed is in my brother's name. SO, it is a hard question to answer because no one understands when you are not the owner....just the heir....and you think it's the same thing but it isn't.

jenkin7 · Posted: Tue Sep 22, 2009 12:10 am Post subject:

Hi Guest,

Who is on the mortgage note, you or your brother? I believe your brother is the only one on the mortgage note, right? In that case, you are not liable to make the mortgage payments. However, to save the property, you need to continue making payments. Did the probate court give you the responsibility of the loan? If yes, then you are responsible for the mortgage. As far as the ownership is concerned, probate has made you the owner of the property. Thus, you are liable for the property taxes.

As to your question of doing a deed in lieu to remove liability, I think you can go for it. If you are not on the mortgage note you do not have the responsibility to repay the loan. Thus, you can simply sign over the property to the lender through a deed in lieu and let them sell the property to satisfy the mortgage lien.

gmakerley · Posted: Tue Sep 22, 2009 7:26 am Post subject:

guest, i agree that you are not legally responsible for the debt, but you did state that you inherited the property. there's a responsibility that goes with that, of course, as you've noted.

unfortunately, jenkin7 said you can "simply sign over the property," but that's not really so simple. as you have already discovered, the lender must approve of whatever deal you try to work with them. they hold the cards, and you don't. then again, you hold one card that we haven't discussed, which would be simply to walk away. i don't recommend that, on principle, but it's an option, of course.

is the home listed for sale with a realtor? a savvy real estate agent ought to be a big help for you in convincing the lender that they're about to lose money on this property and that they should consider cutting their losses as best as they can.

i hope this is a bit more helpful to you.

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Inherited Townhome. Will a Deed in Lieu remove my liability it?