Posted on: 25th Feb, 2009 06:55 am
Hi,
My husband passed away in November. I am the executor of the estate and of course the house being new has a huge mortgage on it, and a slim shot of selling (it's in Michigan after all).
1.The mortgage and deed are in his name. Will the bank come after the estate for the mortgage balance?
2. Can I default and just walk away?
3. Will I be responsible for taxes on the property?
Thanks for any help anyone can offer. :cry:
My husband passed away in November. I am the executor of the estate and of course the house being new has a huge mortgage on it, and a slim shot of selling (it's in Michigan after all).
1.The mortgage and deed are in his name. Will the bank come after the estate for the mortgage balance?
2. Can I default and just walk away?
3. Will I be responsible for taxes on the property?
Thanks for any help anyone can offer. :cry:
I would contact a real estate attorney to find out exactly.
Hi tilotti,
The bank will definitely come after the estate to recover the outstanding loan amount on the house.
If you are not on the mortgage, you can walk away from the property as a foreclosure on the house will not affect your credit score.
In case your name doesn't appear on the title I don't think you are liable to pay taxes.
However, as Ashley had said it's better to consult a real estate attorney in this regard.
The bank will definitely come after the estate to recover the outstanding loan amount on the house.
If you are not on the mortgage, you can walk away from the property as a foreclosure on the house will not affect your credit score.
In case your name doesn't appear on the title I don't think you are liable to pay taxes.
However, as Ashley had said it's better to consult a real estate attorney in this regard.