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Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 6855
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
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I was just willed a house with a mortgage that is under water,

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I was just willed a house with a mortgage that is under water, but can rent for around three hundred a month more than the payment. It is a variable still for around 6%. I have awful credit, my husband died suddenly and left me in a rather difficult situation. I do not need a personal residence as I have one that is free and clear now. I have not had a chance to rebuild my credit. What do I have to do in regards XXXXX XXXXX bank that holds the loan? Is there any way someone with awful credit can get a new loan for a rental???!
*This chat is not intended as legal or tax advice. It is general information that may or may not apply to your situation and should not be relied upon*


Hello,

My condolences on your loss.

I am a licensed attorney but I am not your attorney. The law does not allow me to provide legal advice or form an attorney-client relationship on this public forum.

Please tell me State property is located in. Are you a resident of that state?

Thanks!
Customer: replied 4 years ago.
Yes I am a resident of the state of Washington where the house is located. Does that mean that you can't give me advise in this program?
Yes that is correct.

I will open your question to all of the experts
Customer: replied 4 years ago.
Well, is your advise that I need to get a lawyer? I do not see why you have "answered" my question with out an answer!
Customer: replied 4 years ago.
I can not give a rating on an answer that was non existant.

Hello, I am another expert here and perhaps I can shed some light on your situation. Since you inherited the home, you are not now, and never will be personally liable on the mortgage. You can, at any time, walk away from it without any adverse consequences to yourself. You don't need a new loan in order to own the home. You can take title to it from the decedent's estate and continue to collect the rent and pay the existing mortgage. That will net you $300 a month for as long as you can keep the bank from foreclosing. And this is all without any personal financial risk to you. It can get a little tricky dealing with the mortgage company, especially when the home is not in your name, so it is best to have the title transferred to your name as soon as possible. That is, if you do decide to try to hang onto it. If you don't want to be bothered, and these situations are not always easy to handle, you do not have to accept the bequest.

 

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Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 6855
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
Irwin Law and 6 other Estate Law Specialists are ready to help you