Wednesday, April 17, 2013

Allowing a Deeded Home Go into Foreclosure

Question: My son and his wife were in financial trouble several years ago and, in order to help them out, they deeded the home to my wife. She obtained two mortgages on the home which they took care of until their divorce. My son currently lives in the home with his child and is making most of the mortgage payments but he will be moving soon. My wife passed recently and the property went to me through her estate. The mortgage, however, needs to be refinanced since I did not enter in. The house is underwater by tens of thousands of dollars and I can't afford to make the payments and need to get rid of it. What would happen if I let the house go back to the bank? Would it affect my credit since I am not on the mortgage?

Response: No, it wouldn't affect your credit. If you know you can't afford to keep the property, it is the wisest solution to contact the bank and negotiate surrendering the property to them. The bank will usually consider a deed-in-lieu of foreclosure if you can't find a buyer for a short sale and if the property is vacant. Regardless, you have options. You just have to explore them to avoid the lengthy and stressful foreclosure process.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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