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    smbowelcancer's Avatar
    smbowelcancer Posts: 1, Reputation: 1
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    #1

    Feb 12, 2010, 01:56 PM
    Death and Co-op Mortgage
    I am near death and owe $197,000 on a $265,000 co-op property. I do not want my heirs to inherit the debt. Can I walk away and let the bank foreclose?

    Most of my other assets have designated beneficiaries and will not become part of my estate.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 12, 2010, 06:43 PM

    Yes, you can still owe the balance and if there is any estate, they can get what is in the estate to pay this
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 12, 2010, 06:46 PM

    I would consult an attorney to make a will. Since the mortgage is a secured debt, if you leave the property to your heirs or DON'T have a will, then they WILL be responsible for the debt. An estate attorney can best advise how to deal with this.
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