Ask Experts Questions for FREE Help !
Ask
    bbutler2853's Avatar
    bbutler2853 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 10, 2008, 06:20 AM
    Warranty Deed and Mortgage
    My father passed away and I am the Successor Trustee. I am named as beneficiary (grantee) of the Warranty Deed of the house he owned, but my name is not on the mortgage? I don't want the house. I currently have it up for sale, but it is worth less than what is owed. Do I have to deplete the trust monies to continue to pay the mortgage, or can I turn the house over to the mortgage company?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Dec 10, 2008, 07:08 AM

    The house is still in the estate, if the house is foreclosed ( you can't just give it back unless they agree) then the estate will have to pay funds out of the estate for the balance.

    So if there is only money in the estate it would go to pay the debts before given out to the beneficiarys.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Warranty Deed and Mortgage [ 2 Answers ]

My mother owned property by fee simple from my deceased father. She made a Warranty Deed to my brother (for an amount of a mortgage my father had on property). The Warranty Deed states on the top "Warranty Deed (without survivorship)" on the first page. On the second page is states on the top...

Special warranty deed and quit claim deed what are they? [ 6 Answers ]

What is the difference bewtween the two and what is the purpose?

Difference between a warranty deed and a limited warranty deed? [ 1 Answers ]

What is the difference between a warranty deed and a limited warranty deed?

View more questions Search