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I reside in Minnesota, my mother lives in Arkansas. My

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mother my father and I...
I reside in Minnesota, my mother lives in Arkansas. My mother my father and I bought a house in Minnesota. My father recently passed away. My mother and I can no longer afford the house. What are the legal ramifications (financially and civil) of both of us "Walking away" from the mortgage?
Submitted: 2 years ago.Category: Legal
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8/24/2015
Lawyer: Ely, Counselor at Law replied 2 years ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102,687
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Hello and welcome to JustAnswer. Please note: This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.
I am sorry to hear about your loss.
Someone in your situation has virtually no liability, as one's name is ***** ***** the mortgage. Ergo, one is not responsible for the mortgage, even if related to the deceased and/or if one was to inherit the property via probate.
The mother on the other case - I am guessing that she is on the mortgage. If so, and if she walks away, then the mortgage company will eventually foreclose on the property for non-payment and then may pursue her for deficiency, which is the difference between what was owed and what they received at the foreclosure sale. See here. However, the mortgage company cannot pursue a deficiency if (i) they foreclose by advertisement (instead of by judicial action); and (ii) the owner’s redemption period is six months or less.
Even if they do close by judicial action, they may still choose not to pursue a deficiency as deeming it not worth their while.
Good luck.
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Customer reply replied 2 years ago
My name AND my mothers name is ***** ***** note. Is Minnesota a "No Reecourse State" meaning the property is the banks collateral.
Lawyer: Ely, Counselor at Law replied 2 years ago
Ah, thank you. Then my answer re: your mother applies to you as well.
No, MN is not a "no recourse state." They CAN pursue for the difference between the foreclosure sale and what was owed - this is called "deficiency" - which is what I was discussing above. This is provided the foreclosure is done via judicial process.
Any website that claims that lenders in MNs simply cannot pursue for deficiency is not correct.
Gentle Reminder: Please, use the REPLY or SEND button to keep chatting, or rate positively and SUBMIT your rating when we are finished. You may always ask follow ups at no charge after rating.
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Customer reply replied 2 years ago
we have one of two options. Pay or be pursued for the balance of the mortgage. Am I correct?
Lawyer: Ely, Counselor at Law replied 2 years ago
Basically. However, if one does not pay, then:
If the lender performs a non-judicial foreclosure, they cannot pursue.
And even if they perform a judicial foreclosure, then they may still choose not to pursue anyhow.
Thank you again for not shooting the messenger, in advance.
Gentle Reminder: Please, use the REPLY or SEND button to keep chatting, or rate positively and SUBMIT your rating when we are finished. You may always ask follow ups at no charge after rating.
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