What is the name of your state? Colorado
A friend of mine's mother died early last year. She was not married, but she had 4 children, ranging in age from 25 to 17. Since there was no will in place, it is my understanding that the house would be part of her assets, which would be passed on to her children. The mortgage is currently in her name and her 4 descendants have been struggling to make the mortgage payments every month.
Two scenarios:
1st- The descendants decided to sell the house...how would this work since it is still in the mother's name?
2nd- The descendants walk away and make no further payments on the house. Consequences?
Any help would be appreciated as I am not an attorney myself and the descendants, being so young, have no money to spend on one! Thanks!
A friend of mine's mother died early last year. She was not married, but she had 4 children, ranging in age from 25 to 17. Since there was no will in place, it is my understanding that the house would be part of her assets, which would be passed on to her children. The mortgage is currently in her name and her 4 descendants have been struggling to make the mortgage payments every month.
Two scenarios:
1st- The descendants decided to sell the house...how would this work since it is still in the mother's name?
2nd- The descendants walk away and make no further payments on the house. Consequences?
Any help would be appreciated as I am not an attorney myself and the descendants, being so young, have no money to spend on one! Thanks!