HELP!! what do we do about this house debt?

[kbarnes]

What is the name of your state? North Carolina


My husbands father passed away and made his sister the executor of the will. He put both children's names in the will, however the estate has nothing. Not only did his father have no money, but his sister has sold everything of possible value in the last 18 mos. to pay a mortgage and an equity line that he has on this home. Also keep in mind that this home has had no upkeep (they obviously did not do a property assessment when they gave him these loans) in over 20 years- so he owes more than it is worth.

We received a letter in the mail today that they are proceeding with foreclosure proceedings on this "monster house". I am worried that this is going to break us financially- does any one know what recourse we have???What is the name of your state?

 

[lwpat]

You are not responsible for the house. Let the bank have it.

 

[Dandy Don]

How much money did sister raise and did she use it to pay off part of the mortgage to the mortgage company?

Does your father have any equity in the home (total payments he has already made) and how much is the home worth and how much is left on the mortgage?

If father has enough equity executor should be asking the mortgage company to sell the home. If there is not enough equity, unless you are willing to assume the remaining mortgage and continue making the monthly payments, foreclosure is the best option.

DANDY DON IN OKLAHOMA ([email protected])