QUESTION
What are their options, can foreclosure be avoided and can they renegotiate, modify loan or sell property even?
Asked on Aug 20th, 2013 on Estate Planning - Florida
More details to this question:
I have a question regarding a home in Tampa area, in which the father, a retired disabled vet, passed away, leaving a home that three adult children inherited, the eldest of which is primary agent of estate. This home, purchased approximately 8 years ago, has a mortgage amounting to more than value, and they are facing foreclosure. How do FL laws apply to this case? [Two of children live in home, at time of death until present] Can the HAMP program be an option?
1 ANSWER
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Their options are many. Basically, in Florida as in other states, the law is that if you do not pay the mortgage, the bank can foreclose. Since the mortgage was in the father's name, I doubt that there will be a modification, and they should probably seek other financing to pay of the mortgage.
Answered on Aug 27th, 2013 at 11:05 AM