My mom died leaving a $210k mortgage on a house that might be worth $150k I want the house what are our option

Question

she has no assets and there should be no probate.

Answer 1

Really, continue paying the mortgage.  The banks are short of money.  If it has a fantastic rate, say 2% fixed, it might be a good deal.  Candidly I don't think assumable is an issue.  I think mortgages are automatically transfered upon death.  

Seriously, get an attorney and play hardball with the bank.  If they won't play, let them foreclose.  And meet them on the courthouse steps.  I am recommending you waive claim to the house and the mortgage.

You also need to speak to a banker about financing it.  When you meet on the courthouse steps you will not have time to start arranging financing.  That will need to be in place before hand.

Answer 2

consult with a lawyer, assuming the loan is assumable, you may be able to obtain the property without changing any terms; with all the stricter lending guidelines out there...im sure your mom probably has a mortgage that is better than what anyone can offer at this point. good luck.

Answer 3

i know your mom....she FAKED her death to get away from you!!!1stop asking silly questions and get a life......usens on answers are a serious bunch!!!

Answer 4

You can attempt to renegotiate the existing mortgage but highly unlikely given the current state of the housing industry. More than likely you can attempt to take over the mortgage as it stands with the current lender or a new lender. If you are unable to assume the loan then the bank will foreclose on the property. You may be required to put down a down payment against the current mortgage but that will vary depending the lender.

Answer 5

Sometimes a house has sentimental value. We kept Grandpa's house for 6 years after he died.

If you knew that mom's house might be worth $400,000 in 5 years , you should keep it.  But it could go the other way.  If you pay the current mortgage, you can keep the house and the bank will be thrilled.

Unless you are on title as Joint Tenants, you need to go to Probate Court and pay $198 with a copy of the will.  You will walk out with a Letter of Testimentary Acceptance which wlll allow you to sell the house should you decide to do that. The people at Probate were wonderful. /

Answer 6

Your option is to pay the bank 210K, or get a mortgage for whatever you can and write a check for the difference (we're talking 70K out of pocket minimum).  Frankly you'd be better off just letting the bank take the place back and then when they put it on the market to resell it then go buy it from them for 150K.  Sorry, but unless you are will to pay 210K for a 150K asset I wouldn't keep it.

Possibly you could get the bank to lower the amount a bit (since they don't want to foreclose on it and would only get 150K if they took it back) but this is a long shot.  I strongly suspect they will make you pay more than its worth to keep it.  THey are not being dumb, just really safe - if you tell them its only worth 150K they won't believe it and even if the appraiser tells them 150K they'll try to get 170K from you (or just ignore your pleas, take the place back and resell it for whatever they can get).

PS - As some people have said, if you just keep paying the bank I'll bet they'll keep taking the checks and not try to take the place over.  That is another option but you are still paying 210K for a 150K asset - not exactly a brilliant business strategy.

Answer 7

Option #1 Accept the secession and take over the payments on the house

Option #2 Refuse the secession let the bank take over the house then buy it from the bank for FMV