Brenda, Home Seller in Pembroke Pines, FL

my sister has died recently and she had a quit claim deed in my name. She owes 180,000 and the market value

Asked by Brenda, Pembroke Pines, FL Thu Aug 7, 2008

is 201,000. I have had different opinions. Call the mortgage company - don't call the mortgage company and try to sell before forclosure - do a short sale. I'm not sure what the right thing is to do. I am not on her mortgage and can't afford to pay for her mortgage because I have my own. The wording on the quick claim deed is my sister as to a Life Estate and me as to the remainder. Should I contact the mortgage company? Should I try to sell it for as much as I can get first then do a short sale or should I just let it go into forclosure. Please help!

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Answers

2
It is difficult to say without knowing more about the property, loan amount, and your wishes for the future of the property. I agree with most of the comments below suggesting that you speak with an attorney, but I would say that there is no harm in speaking with a real estate agent also, just so that you have an idea of market value when you sit with the attorney.

Best Regards,

Manny Linares
Prestige Intl Realty, LLC
(786) 277-8425
MannyL@PrestigeIntlRealty.com
0 votes Thank Flag Link Sun Mar 17, 2013
Manny, this post is four-and-a-half years old. Please try to avoid bumping ancient postings.

All the best,
Flag Sun Mar 17, 2013
Hi Brenda -- I'm sorry to hear about your loss. I would really advise you to contact an attorney. It sounds like you have some equity in this home so you would probably want to sell it. I don't see any advantage to letting it go into foreclosure under the circumstances you describe. Is the mortgage behind in its payments?

I would contact an agent in your area, get a cma and see what can be done. Make sure the agent knows that the property was conveyed through a quit claim deed. There may be more work that needs to be done before you would be able to sell it.

Hope all works out well for you.

Louise Warring
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Thu Aug 7, 2008
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