My husband and I were left his Grandmothers house after she passed, but she still had a mortgage. We have tried to make the payment but the mortgage is so upside down that it would not benefit us to keep the house. What are repercussions if we just walk a way? The will was never legalized and filed with our county court.
Even if the Will was administered you would not be personally responsible for the debt unless you signed an agreement with the lender. I would consult with a foreclosure defense or consumer attorney in your area.
You are not responsible for the debt. But you should consult a UT mortgage foreclosure defense attorney.THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
As the other lawyers here have correctly pointed out, unless you enter into an agreement with the mortgage company or company that holds the mortgage you are not responsible for the mortgage payments. It does not matter if the house was in the will or not; unless you signed a new agreement assuming payments for the mortgage you are not on the hook for it.
If you stop paying the mortgage though or no one is paying you should expect that the mortgage company will foreclose on the property. You should consult with a local real estate attorney in your area for real advice.
I am a licensed Indiana attorney. Any information given here is intended as general information and not legal advice. I am not familiar with the particular laws of every state. You should consult with an attorney licensed in your state or appropriate jurisdiction for legal advice. Any advice given here is not intended to form an attorney-client privilege and should not be considered such. Please do not message me through Avvo as your message will not include your original post nor my response. Please leave a comment under the original post.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline