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WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 17210
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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A New York City resident took out a mortgage for $500,000 Owed

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A New York City resident took out a mortgage for $500,000
Owed $400,000 upon death without a will
His 33 year old son lives in that house
1.There's a car in the driveway
2. There are 2 apartments rented out through federal section 8 program
What does the son do when utility bills come in?

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

The son can pay the utility bills,

WALLSTREETLAW :

however he should file an administration for his fathers estate in surrogates court, so he can have the property transferred into his name,

WALLSTREETLAW :

In terms of the mortgage if it is in the fathers name he can continue to pay the mortgage, and in most cases the lender will accept the payment,

WALLSTREETLAW :

Even if he does not file the Court papers to become his administrator, if he wants to keep the property he should continue to pay the bills, as in most cases, the utility companies will accept his payment.

Customer:

Thank you

Customer:

It seems I left out the fact that the son cannot afford that house

WALLSTREETLAW :

If the son cannot afford the home, he can walk away with it or sell it, the lender cannot hurt his credit or sue him for the debt since his name is XXXXX XXXXX it

WALLSTREETLAW :

If you have any further questions please do not hesitate to ask.

WALLSTREETLAW :

If satisfied please provide us with positive feedback, so we can receive credit

Customer:

He wouldn't want to file an administrator because he doesn't want the house

WALLSTREETLAW :

he would not need to unless he wants to transfer property into his name

Customer:

He would not file an administrator because he cannot afford the house. Should he just move out? Pay utilities as long as he can?

WALLSTREETLAW :

he can continue to live there and collect rent, just not pay the mortgage in NY it would take 9-24 months before a foreclosure an eviction

Customer:

Thank you

WALLSTREETLAW :

good luck, he can save money by living in the home rent free

WALLSTREETLAW :

also he can sell the property and keep the $100,000 equity

Customer:

Regarding equity, he'd simply hire a real estate ( I guess ) attorney?

WALLSTREETLAW :

a broker to sell it and an attorney when he wants to sell

Customer:

Ok

Customer:

Ok: Again, Thank you

WALLSTREETLAW :

good luck, and if satisfied with our service please provide us with positive feedback, thank you

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