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Ask Barrister Your Own Question
Barrister, Attorney
Category: Legal
Satisfied Customers: 37003
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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A deceased spouse has mortgage note in her name only valued

Customer Question

A deceased spouse has mortgage note in her name only valued 119,000 and a home equity not in her name valued at 19,000. Should the living husband walk away or make a deal with the mortgage company for the value of the property in the area. The present property value is 49,000 in that area
Submitted: 2 years ago.
Category: Legal
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
In a situation like this, with the home being underwater by almost $90K, it wouldn't make financial sense for the husband to agree to keep the house unless the bank is willing to come down on any mortgage/equity debt to the current fair market value or somewhere around it.
So it can't hurt to talk to the lender to see if they will come down that far, but honestly, I doubt they would do so because if they foreclosed, then they will likely be able to recover any losses from Fannie Mae or Freddy Mac who insure in the high 90% range of all mortgages.