Posted on: 10th May, 2012 05:06 am
my mother past a way without a will. My husband and I do not want to take over her mortage and we cannot afford to maintain the home until it sells. My mom still owes a large sum. Can we clean the house out and mail the keys back to the bank? Or should we leave all of the furniture in the home? She has next to nothing in the bank and the but owes a $5000 credit card bill. There is no executor for the estate. I don't want to be the executor either.
Welcome kscott,
Your mother can take away her furnitures and surrender the property to the lender. The lender will then foreclose the property in order to recover the debts. As far as the credit card debt is concerned, the creditor can come after her to recover the debt or can charge off the debts and assign it to a collection agency.
Your mother can take away her furnitures and surrender the property to the lender. The lender will then foreclose the property in order to recover the debts. As far as the credit card debt is concerned, the creditor can come after her to recover the debt or can charge off the debts and assign it to a collection agency.
Hi kscott,
I agree with what Adonis has said. However, it should be noted here that after the sale of the property, your mother will be liable for paying off the deficient balance resulting from the sale of the property.
Thanks
I agree with what Adonis has said. However, it should be noted here that after the sale of the property, your mother will be liable for paying off the deficient balance resulting from the sale of the property.
Thanks