Ask Experts Questions for FREE Help !
Ask
    me021490's Avatar
    me021490 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 11, 2009, 04:05 PM
    Estate sale for less than mortgage?
    My father died and he is one of those that a number of years ago a bank gave him a re-mortgage worth twice what was worth at a high interest rate. The mortgage is still more than the house is worth. Can we give the house back to the bank, and can they then come back after the estate for the difference?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Mar 11, 2009, 08:37 PM

    You can probably sell the property for more than it will bring in a foreclosure sale, or auction. You may want to work with the lender and see if it will agree to sell for less than the debt; it may net them more than an auction.
    me021490's Avatar
    me021490 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 12, 2009, 04:34 AM
    No, it won't sell for close to the mortgage value. The question is does the bank have the right to go after the estate for the difference?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #4

    Mar 12, 2009, 05:45 AM
    Quote Originally Posted by me021490 View Post
    The question is does the bank have the right to go after the estate for the difference?
    Hello me:

    Yes.

    excon
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!

Taxes on Real Estate Sale [ 4 Answers ]

How much tax would a person have to pay on a sale of real estate in a "flip"? For example, let's say I bought a foreclosure house for $50,000 cash (no mortgage), and put $25,000 into it for repair/renovation (for a total expense of $75,000), then sold the house for $125,000 a few months later. I...

Foreclosure and sale by 2nd / second mortgage holder, what happens now? [ 1 Answers ]

My second mortgage holder ( a private lender ) foreclosed on my home after months of not responding to requests for payoff instructions. Sale occurred over two months ago, yet the first loan on the property is still in my name. I haven't made the payments after the sale- Now this loan is in...

How do we force an estate sale? [ 3 Answers ]

My fiancé and his brother inherited several properties including a home when their mother passed away 6 years ago. They have gone back and forth on how to divide the estate, but they never seem to come to an agreement. Here is the question, how can my fiancé force his brother to sale all of...

2nd mortgage power of sale [ 16 Answers ]

I was just served with notice that my home is going into power of sale within 35 days, because of not paying my 2nd mortgage for the last 6 years, my 1st mortgage is up to date. The problem is I thought it was paid since I never received a renewal in the last 6 years, and there was no attempt on...

View more questions Search