Mortgage responsibility

[mjv4998]

My dad recently passed away, and his house was deeded to me and my sister. There is no equity in it and neither of us want it. Can we just not pay the mortgage and let the mortgage company foreclose on it. The mortgage is in my dad's name. Do we have any responsibility here?

[Thesa]

Are you sure there is no equity? even dirt seems to be gaining faster than gas prices... you might want to double check your figures... as for responsibility you should check with an attorney.

[HomeSurfer]

I agree with Thesa. Unless the home was just refinanced recently or within the last few years at maxed out LTV or with a 125% second or soemthing like that, it seems like there should be some equity.

Or you could be right, but you should have someone check it out for you.

[sac23]

I would definitely check out the equity in question, like they said anything to do with real estate seems to be increasing in most parts of the country. Even if you and your sister split $5,000, it would be better than letting the bank foreclose. Good luck and let us know what you find out.

[sac23]

I would definitely check out the equity in question, like they said anything to do with real estate seems to be increasing in most parts of the country. Even if you and your sister split $5,000, it would be better than letting the bank foreclose. Good luck and let us know what you find out.