Foreclosure in 04055>Question Details

Prairie Girl, Home Seller in 04055

dead ex-husband never paid me for joint ownership of home. My name still on mortgage, Home belongs to his estate. On market, no buyers, foreclosure?

Asked by Prairie Girl, 04055 Wed Sep 29, 2010

financial squeeze to make payments on property, that I am considered a claimant due to divorce decree, instead of joint owner. Should I forclose or hope it sells in a few years & make payments. Who pays for home insurance while home is empty & on the market? If home damaged during this time, how do I get any $ for what I have put into it??

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Prairie Girl,
you need to get a lawyer and quickly. There are lots of angles here and you need someone who can really review your situation carefully. You say your name is on the mortgage, but is it on the deed to the property? If the bank forecloses on the property, they might forgive the debt and then the IRS could still come after you for the money owed. Lawyers aren't cheap but this is a situation that needs an expert to look it over and give you your best course of action.
0 votes Thank Flag Link Thu Sep 30, 2010
Prairie Girl,
Complex question with lots of angles to consider. Is there any equity in the home, what are the terms of the will, is the home vacant? You'll need to get a handle on some of this before you sit down with an attorney to make the best use of your time with them. You will need to consult an attorney to understand all of your rights, obligations and opportunities.
Regarding the insurance, if it's not paid, you may not have any, so it may be in your interest to verify coverage and payment.
0 votes Thank Flag Link Thu Sep 30, 2010
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