Son, 57 years old, passed away suddenly. Dad is not on deed to property or on house note. His deceased son apparently has no heirs. Dad is just trying to dispose of property without becoming liable for mortgage, utilities, upkeep, etc.
2007-08-07 09:12:21 · 6 answers · asked by Steve 1 in Business & Finance ➔ Renting & Real Estate
Dad is not liable for the note under any circumstances.
Even if there are any heirs, the house is worth less than the outstanding loan so it's a moot point. Dad should just notify the lender of the son's passing and let them foreclose on it after removing any of the son's personal belongings that he wishes to keep. He should NOT sign anything related to this with the possible exception of the notice of the son's passing.
Condolences on your loss.
2007-08-07 09:29:18 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
He should simply remove all personal effects from the home then contact the mortgage company to tell them to take possession of the house. He is not liable for his grown sons debts if he is not on the note. Sounds like a mortgage company made a bad loan that they will have to eat. He should not sign anything or do anything. He is not responsible.
2007-08-07 16:21:29 · answer #2 · answered by philosofurrier 3 · 4⤊ 0⤋
let the bank know that the son has passed away, and that he has no responsibility for the property, and doesn't want responsibility for the property. Bank will end up taking possession of the property, but should be notified so that they make sure the house is kept up.
2007-08-07 16:33:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If the son had no spouse and no child then his parents are his heirs.
2007-08-07 16:18:27 · answer #4 · answered by Landlord 7 · 0⤊ 0⤋
let who ever holds the first note take back the place, if no one else is on the title then let it revert back to the lender,
2007-08-07 16:17:28 · answer #5 · answered by goz1111 7 · 1⤊ 0⤋
Let the state take care of it.
2007-08-07 16:20:20 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋