It is not clear what stage of probate and foreclosure you are in. How long ago did your mom die? Was there a proceeding filed in the Probate Court? If so, has the court already ordered the transfer of title to you? If the title has not yet been transferred, you have to determine whether the home loan is "underwater," that is, the remaining loan principal exceeds the price the house could be sold for. If it is, you should probably refuse the inheritance. If the loan has equity (value exceeds principal) and you want to keep the property, then you will have to make a deal with the lender to pay off the loan balance or, if the lender will agree, pay just the amount necessary to bring the monthly payments current and continue to make payments yourself.
Answered on Apr 19th, 2013 at 3:22 PM