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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Don't allow the forclosre or short sale. Contact a lawyer who specializes in this. You should be able to talk to one for free or a small free. Talk to two or three to you are comfortable with one. Spending a small amount now will allow you to get the most later esp. with the 180,000 owed. Otherwise in forclosure the bank will get its money first and the value will be much less.
1 vote Thank Flag Link Thu Aug 7, 2008
You have several issues we need to discuss than cannot be addressed in a blog or email. The answers to a few questions will set you on the right path. The call is free my advise will be priceless. I am Ed Goldfarb with Keller Williams Realty in Pembroke Pines. This month marks my 20 anniversary in this market and have 1660 verifiable sales or 83 sales a year. That is a lot of experience. The first thing we have to do is establish the market value. The good news it is the market it going up. Secondly is determine the equity. Only after establishing the equity can you make an informed decision. You may not even want to sell the home, and hold it. You may want it keep it as a rental for now. If short sale is the answer I will be able to advise you as I also have about 400 short sale approvals. Short sales are so difficult I do not use thrid parties to work with the banks as I have not had a client foreclosed nor do I want to risk that possibility. Please check me out at: http://www.EdGoldfarb.com and we can move forward from there as you will find all my contact information.
0 votes Thank Flag Link Wed Aug 15, 2012
Brenda, sorry for your loss. You definitely need to call two people, a lawyer and the bank. This may be very wishful thinking on my part but, your sister may have had mortgage life insurance that you don't know about, which would pay the whole thing off, by just presenting them with the death certificate. I hope this is the case for you. Good Luck.
0 votes Thank Flag Link Fri Aug 8, 2008
Brenda,

We are sorry for the loss of your sister.........our best advice is to begin by consulting a real estate attorney.

Good luck,
0 votes Thank Flag Link Fri Aug 8, 2008
The good news! Since you are not on the mortgage, you are not responsible for the mortgage. You are the new owner of the property, and as such, have the right to talk with the lender. You can also have an attorney speak on your behalf. While I don't know where you got your market value from, but that is pretty tight given today's market conditions.

Were it me, I would contact mortgage company and ask for a mortitorium on the mortgage payments while you try to sell the property. If it does not sell and there is a foreclosure, you have not lost any money, save your cost of up keep. If you do sell you may receive an inheritance of value! As always Check with an attorney!
0 votes Thank Flag Link Thu Aug 7, 2008
Communication is paramount. Call the mortgage company ASAP and tell them. You need to decide what you want to do and stick with that plan. Given the shape of the housing market I recommend not selling. If you could rent it out for a couple of years and wait for the market to come back you'd come out ahead. You can also negociate with the bank to lower the mortgage payment potentially. They will most likely make you submit a monthly budget and then make you pay mortgage payments based on what you can afford. I advise getting the wheels turning quickly. There are a ton of non-profit counseling agencies available, http://www.operationhope.org is a good one.
0 votes Thank Flag Link Thu Aug 7, 2008
I am sorry for your loss. Yes, call the mortgage company and alert them to the situation. You may need to provide a death certificate. There may be little if any value to the claim deed considering the amt owed vs current market value.
0 votes Thank Flag Link Thu Aug 7, 2008
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