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pattyiott · Joined: 16 Aug 2010 Posts: 1 1.00 Dollars($)

I am actually writing a question for my brother. He is 60 years old, currently living out of the United States (Australia), unemployed and unable to sell his home in Florida because of the economy, and just found out he has stage 4 cancer. He has tried to sell his home for about 4 years, and has not be able to sell it, I believe he owes more than the current value (because of the current market). He is renting the home out, and has been able to keep current on the payments. However, given his diagnosis, he desperately wants to get out from under this home mortgage before he dies; as he does not want to leave this burden to his new wife or adult children. Are there any options or programs available to him in his situation? Is bankruptcy his only option? How would bankruptcy effect his estate?

smithsussane · Posted: Mon Aug 16, 2010 9:28 pm Post subject:

Hi pattyiott!

Welcome to forums!

In order to get rid of the mortgage, your brother will have to pay off the mortgage in full. I don't think bankruptcy is the best option in this case. Though he files for bankruptcy, the lien would remain on his property and he will have to make payments to save it.

If your brother wants to get rid of the property, then he can apply for a deed in lieu of foreclosure. Though his credit would be affected, the lender won't come after him for the balance dues resulting form property sale.

Feel free to ask if you've further queries.

Sussane

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