What to do with a houst that my deceased mother left behind.?

Asked by Dejavu, Rochester, NY Tue Oct 11, 2011

Hi:
My mother died in March of 2011, leaving behind a house with two mortgages. I ave assumed payments, but have not had the tilte and deed transferred. I currently live in the house in Rochester, NY and am wondering what options I may have to purchase the home, walk away from it, or leave things as they are and stick and stay? The first mortgage with HSBC is ~$69k and the second mortgage with HFC is ~$19k. The house was appraised at $72k.
Please help me for I am torn as to what to do!

Brenda

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Patricia ("T…, Agent, Rochester, NY
Mon Oct 17, 2011
Brenda,
First of all, our condolences about the loss of your mom. As for the house she left, based on the appraised value vs. the mortgage amounts, you are in a short sale situation (meaning more is owed on mortgages than the house is currently worth). First I would contact the executor of her estate to find out what her intentions were. Your options might include (among others...) contacting the bank about a short sale (we'd be happy to help you with that), or if you'd like to stay in the house, you could find out if the estate would sell it to you for the current appraised value so you are not overpaying for the house. We can't advise you like an attorney can, but we'd be happy to help you look at your options should you find out you need to sell in the end.
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