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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37639
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My father died and we were both on the house deed. I not

Customer Question

My father died and we were both on the house deed. I not have hud risk based insurance. I am trying to figure out is that a good thing or a bad thing?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I used to owe 171000 on my home but after my father died my bank helped me to refinance and now i owe 126000. I am trying to figure out if the 126000 is all i owe or will one day i will be responsible for the remainder of the 171000?
JA: Is there anything else the Accountant should be aware of?
Customer: that that i am aware of
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 month ago.

Good afternoon,

I'm Doug, and I'm very sorry for your loss. My goal is to provide you with excellent service today.

The HUD risk based insurance is not a bad thing. It is what allowed you to either buy, or refinance the property in the first place.

It appears that in the refinancing of the loan, the amount owed was reduced based on your financial circumstances and so long as the outstanding mortgage is 126K, then as soon as that is paid off the property will be yours.

You will not have to pay the amount previously forgiven----some 45K---in the future though.

You may reply back to me again if you have additional questions, and I will continue to assist you.

I am not an employee of this site and I am only paid for helping you when you rate my service to you. Please remember to rate my service to you by clicking on the rating stars on your screen (preferably 5-Stars) so that I can be compensated for helping you. Thank you in advance.

I wish you and yours well in 2017,

Doug

Expert:  LawTalk replied 1 month ago.

Good afternoon,

Is there anything else I can assist you with today? It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a very nominal charge I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you by clicking on the rating stars so that I can be compensated for assisting you? Rating me costs you nothing as you have already paid the deposit for my help. All rating does is ensure that I am paid for my time in working with you.

Thanks in advance for your rating of my service. It is greatly appreciated.

I wish you the best in 2017,

Doug

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