QUESTION
How do I short sell an inherited house?
Asked on Apr 16th, 2012 on Estate Planning - Florida
More details to this question:
My father passed away and I am the only person set to inherit his assets (he has a will). Currently the estate is in probate. upon completetion of the probate process (where it is more or less certain that I will inherit his house and bank accounts) I would liketo short sale his house (it is 30k underwater) as I cannot afford to pay the mortgage. I am trying to make sure that short selling the house wil not affect my credit, nor will I be personally liable (only the estate would correct?) for any of the difference between sale price and amount owed. It is my understanding that when I inherit the house I am not inheriting the mortgage- that I would have to refinance in my name in order to do so and therefore my credit would be unaffected correct? Thank you.
1 ANSWER
Probate & Trust Attorney serving Fort Lauderdale, FL
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Robert J. Slotkin
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Don't refinance, otherwise it will affect your credit. Only if you decide to keep the house should you take title and refinance. If you are simply going to short-sell and are willing to waive your rights in the house, the estate lawyer can ask the judge permission to abandon the residence and just give it back to the bank.
Answered on Apr 20th, 2012 at 1:47 PM