Quit Claim?

[Battlespace]

What is the name of your state? KY

My wife's parents both passed away this past year. They owed about $130K on a house that is valued at around $135 - $140K. Is it worth an auction or should we just do a quit claim and walk away? One daughter wants to do an auction to squeeze as much from the estate as possible. She is a co-executrix with my wife. Needless to say, they are hardly speaking to each other right now. I just want to get on with our lives.

 

[HomeGuru]

What is the name of your state? KY

My wife's parents both passed away this past year. They owed about $130K on a house that is valued at around $135 - $140K. Is it worth an auction or should we just do a quit claim and walk away? One daughter wants to do an auction to squeeze as much from the estate as possible. She is a co-executrix with my wife. Needless to say, they are hardly speaking to each other right now. I just want to get on with our lives.

**A: and who would they quit clain the property to and where would they walk away to, Canada?

 

[Dandy Don]

Just walk away. You don't have enough equity in the home for it to be worth much of anything. Talk to the mortgage company or owner of the home to see if they want the home to go up for sale to someone else and ask if you could possibly recover your $5,000 from the sale, although I doubt that they would be willing to give anything back.