QUESTION

My mother passed away. House underwater. No assets. No "Estate" . No probate. Best to let go to foreclosure?

Asked on Nov 14th, 2018 on Foreclosures - New York
More details to this question:
Mom passed away. Mortgage very underwater (This was a deal she made with bank about a year ago after she was in foreclosure for 6 years or so). She was three months past due after she got sick. Recently passed away. House needs major repairs. My brothers and I do not want the house. We want to walk away. Lender mentioned "cash for keys"? Nobody lives at the house - we just want to give it to the bank. Can we just tell the lender - let it go to foreclosure? She has no assets, no "estate". There will be no probate. Cash for keys requires us to clean the house out completely but honestly it will be very costly to do so. And we know that the house is not in move in condition. New owner would probably tear it down.
Report Abuse

1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
Letting it go to foreclosure seems like the right idea.  You will be sued in that case to clear title, but not for money, so you can ignore the foreclosure case when it comes.
Answered on Nov 22nd, 2018 at 5:52 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters