Legal Question in Real Estate Law in California

homeless katrina victim

my sister is currently at the union rescue mission & is unable to get any assistance because there is a house in her name in louisianna. she has not lived in the house since the hurricane & has no intentions of going back. a friend was staying in the house & paying the notes, but the bank went up on the mortgage payment forcing her to seek another place to stay. my sister needs assistance in how to get this house out of her name; because she does not have any means of paying for it , nor does she have a desire to return to it. she is in a state of despiration because this house is stopping her from getting the assistance that she needs. would bankruptcy be recommended?


Asked on 5/18/07, 1:12 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

Re: homeless katrina victim

First have her check with realtors in New Orleans if the house could be sold and for about how much. If it can be, put it on the market and inform the mortgage holder since I assume she will not be making the monthly payments. If it can not sell for more than the loan, inform the bank and try to get them to agree to a "short sale' in which the house is sold for at least an agreed to amount and the bank will forgive the loan so it does not appear as a foreclosure on her credit record. Perhaps run some ads in newspapers: Distressed property, as is, owner must sell now, call " That should get the property investor seminar students interested. Merely taking her name off the house does not relieve her of the obligation to continue to pay the mortgage, as that is a separate contract between her and the lender. She can always sell the house for a low price to a friend to get her own name off the house, but that still does not sold the problem of the mortgage.

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Answered on 5/18/07, 1:47 pm


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