I have the deed to the property but the mortgage is not in my name, if i do a transfer in lieu how will it effect my credit?

Asked about 5 years ago - Garfield Heights, OH

the property was transferred to me on death, i have been maintaining the mortgage and have lost my job and had to move out of state to look for work. What do I do now?

Attorney answers (1)

  1. Ronald Anthony Sarno

    Contributor Level 20

    Answered . Use a lawyer. Get first an executor deed from the estate that establishes you as the new owner. Make sure that is registered in the county where the place is located. Negotiate with the lender on a deed in lieu of foreclosure, and also that no other fees or costs will be assesed against you. Also negotiate with them that this matter will not be on your credit report since you were acting as the beneficiary of an estate not as an individual owner.
    You might find my legal guide on selecting and hiring a lawyer helpful.

    LEGAL DISCLAIMER
    Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information.

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