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My father passed away two years ago leaving me his house.

I contacted the mortgage company a week after he passed. My question is since the mortgage is only in my dad's name and not mine .I don't have the credit to get it in my name. Am I responsable to the mortgage company? I have had a renter in the house since dad passed, but they are moving in august, I can't afford the mortgage on my own. And I haven.t made a dime off of the house. The Lawyer did give me a quick deed, so the tax bill is in my name. And the house is for sale at the lowest amount, It.s just enough to pay off the mortgage. by angelw_606_511 from Pierre, South Dakota. May 15th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Ok... so there's a combination of legal and ethical issues that need to be addressed here.. Legally, you are not responsible to pay the payment. You never signed a deed of trust or a note obligating yourself to that mortgage. If you pay late, or don't pay at all, it will not affect your credit. If you decide to sell the home via a short sale, then you will not be obligated for the balance. If the home sold for more than what's owed, then you can keep the difference... if you continue to rent it out, but don't make the payments, and the lender finds out that your renting the home, then they could have the rent's reassigned to themselves. However, regarding your tenant and collecting rent, but don't make the payment??? That's where the ethics come in... I'm actually shocked that any competent mortgage industry professional would ever advise what I just read. I would not advise you to do this at all. It's morally and ethically wrong, and it's this type of thinking that has put us in this dismal real estate situation. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 15th 2012
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Maximum Leverage (CommercialFundingNow)
#32 ranked lender in Illinois - 10 contributions

Wow - there really is no point in your paying that mortgage, unless you were making money on it! But, the way the process of foreclosure is, you literally could string that out for years - while collecting rent! Just don't let them know that you have a tenant in there - best off to let them think that its you living there. Do you see how that could work? and, don't feel bad about the evil greedy lenders - they'll be okay...and, your Dad is done with his credit! Help yourself, not the banks!

May 15th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

I'd sell it for whatever you can get out of it

May 15th 2012
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