My mom passed away 2 years ago. The house was left in a living trust. I paid the mortgage for over a year, but could not sell the home. I stopped paying the mortgage and received a call from the bank offering a deed in lieu. I do not want to give any of my personal information since it was not my mortgage. I have good credit and would like to know if doing a deed in lieu would negatively affect my credit. There was no estate when she died.
Estate Planning Attorney
Why would it effect your credit? So long as you as trustee and/or executor did not mismanage things it is an estate/trust matter only.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
Elder Law Attorney
You may have other options which will allow you to keep any of the equity
in the home. You should speak to an attorney before proceeding.
Roman Aminov, Esq.
Law Offices of Roman Aminov
Estate Planning - Elder Law - Probate - Real Estate
147-17 Union Turnpike | Flushing, New York 11367
P: 347.766.2685 | F: 347.474.7344
Roman@AminovLaw.com | www.AminovLaw.com
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This answer does not constitute legal advice and no attorney client relationship has been formed. Before choosing a course of action, it is always advisable to seek the advice of an attorney in your area.