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

    Sep 13, 2008, 11:47 AM
    Inherited run down condo
    Hello, this is my first time to ask a question regarding mortgage info. My husband died last October and I inherited a condo that he bought for his daughter to live in.. He tried to make repairs, new appliances, etc and to fix it up (she's the one that ran it down) but she
    Wanted everything done her way... Now I am stuck with this 900 lb elephant that I can no longer afford the mortgage on, pay to fix it up and Iwant to deed it back to the bank. Can
    They put a lien on my own personal paid off home?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Sep 13, 2008, 12:13 PM
    Quote Originally Posted by deedthecondo
    hello, this is my first time to ask a question regarding mortgage info. My husband died last October and I inherited a condo that he bought for his daughter to live in..He tried to make repairs, new appliances, etc and to fix it up (she's the one that ran it down) but she
    wanted everything done her way...Now I am stuck with this 900 lb elephant that I can no longer afford the mortgage on, pay to fix it up and Iwant to deed it back to the bank. Can
    they put a lien on my own personal paid off home?

    Do you mean it's going to go into foreclosure? You can't just deed it back to the bank.

    Is the mortgage in your name and his or just his?

    If you just walk away and you are legally responsible the mortgage company can get a Judgment against you and use any legal means to collect it, including liening against your personal residence.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Sep 13, 2008, 12:13 PM
    Quote Originally Posted by deedthecondo
    Can they put a lien on my own personal paid off home?
    Hello deed:

    Probably. But, there are too many variable to be able to say for certain. If YOU inherited the mortgage, and you apparently have, then of course YOU have to pay it. If you don't, not only can they put a lien on your home, they can attach your bank accounts and garnish your wages. Your good credit will be ruined, too.

    However, your husband should have had credit life insurance on his mortgage loan. If that's the case, then you shouldn't even HAVE a mortgage. Did you check?

    The sanctions for foreclosure, if any, are detailed in your state laws, the mortgage agreement, and the manner in which your husband held title. To be certain, you'll need to consult your own attorney.

    excon
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