N
navycpo
Guest
What is the name of your state? Virginia
My father-in-law just recently passed away. I have contacted all his creditors and most are requesting a copy of the death certificate and closing his accounts. All his accounts were in his name so they should not be attempting to collect from my mother in law if I understand this whole process correctly. My question is what to do with the house. The house is the only asset they had between them that has both their names assigned to it. They have only had the house for a few months. If we put the house up for sale my mother in law will probably loose more money just trying to get out from under it. She does not work and has no way to make the payments on the mortgage nor any money to speak of to pay off any creditors. I talked to a probate lawyer and he recommended we talk to the mortgage company to see if they would agree to a Deed in lieu of Forclosure. What are the legal ramifications with respect to the creditors if the mortgage company agree's to this? Are there any other options we have with relation to the home?
Thanks in advance,
Navy CPO
My father-in-law just recently passed away. I have contacted all his creditors and most are requesting a copy of the death certificate and closing his accounts. All his accounts were in his name so they should not be attempting to collect from my mother in law if I understand this whole process correctly. My question is what to do with the house. The house is the only asset they had between them that has both their names assigned to it. They have only had the house for a few months. If we put the house up for sale my mother in law will probably loose more money just trying to get out from under it. She does not work and has no way to make the payments on the mortgage nor any money to speak of to pay off any creditors. I talked to a probate lawyer and he recommended we talk to the mortgage company to see if they would agree to a Deed in lieu of Forclosure. What are the legal ramifications with respect to the creditors if the mortgage company agree's to this? Are there any other options we have with relation to the home?
Thanks in advance,
Navy CPO