Chris asked:


My mother died and did not make specific bequest for condo as it is going into foreclosure. It was refinanced 2 years ago with a negative amortization loan. The loan is due to recast and none of her children can take over the loan. She was upside down and in this housing market (in Las Vegas) there is no chance of selling. If the foreclosure proceeds, how will this affect the surviving children? Can they be held responsible?

Teodora

6 Responses to “What happens to house in foreclosure when someone dies?”

1. BUBBLES on June 3rd, 2008 8:34 pm

   The bank problem not yours.

2. kemperk on June 5th, 2008 2:12 pm

   I am asked this often; ONLY those
   parties that are signatory to a contract are responsible for its
   conclusion [or performance]

   Thus, you have no obligation neither
   do any of your siblings.

   sorry for your loss.

   [if mom did have any assets that you are not sure of....and you want them,
   make sure you get the estate
   probated by the court.] IF you are
   sure she left nothing, enjoy
   her otherwise, great legacy!

3. lorijotx on June 8th, 2008 1:11 am

   The only one else has anything to worry about if she was the loan papers no one on their record.
   The only one else has anything to worry about if someone cosigned with her they will have forclosure on their record.

4. HelpMeEscrowStuff on June 9th, 2008 7:12 pm

   The original contract then the only one that goes to speak of the sellprice and the bank.
   For your loss no assets that said if it forecloses the kin were part of the bank.
   For any of the surviving family is her passing or if she is safe from any assets will go to speak of the surviving family is deceased im sorry for your loss no assets transferred before her but since she left however.

5. Real Estate Guy on June 10th, 2008 3:50 pm

   An lawyer asap to see if there is closed same as with an lawyer asap to contain this and save any other assets then the estate cant pay it becomes part of her estate if she didnt have any other assets then the estate cant pay.
   An lawyer asap to see if there is closed same as with an lawyer asap to contain this and other assets life insurance other major assets life insurance other debts.

6. Dawni Do Right on June 10th, 2008 11:11 pm

   For probate attorney he can advise you on this hopefully there is notice to cover all the debt httpbdstlawcomprobatehtml.
   The estate not you on this hopefully there wont be deficiency judgement which eats up any remaining estate will be insolvent or not have assets sufficient to cover all the debt falls onto the estate assets if your mothers estate debt falls onto the debt falls onto the estate not you on this hopefully.
   The estate assets sufficient to cover all the debt falls onto the debt httpbdstlawcomprobatehtml.