Legal Question in Real Estate Law in New York
I inherited a mortgage and have terrible credit
My dad passed away a few months ago and i am the sole surviving heir. There is a sizeable mortgage left on his house, which i plan on keeping, but was wondering if with the mortgage crisis, the banks would lower the interest or principle. There was no will.
2 Answers from Attorneys
Re: I inherited a mortgage and have terrible credit
There are several options you may have in your situation.We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
Law Offices of
STEVEN J. CZIK, P.C.
101 Avenue of the Americas, 15th Floor
New York, New York 10013
212.413.4462
The information provided by The Law Offices of Steven J. Czik, P.C. (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.
Re: I inherited a mortgage and have terrible credit
I am sorry for your loss.
Your Dad's mortgage was written to him. So, before contacting the lender about lowering the interest or principle, you have to determine if the lender will let you assume the mortgage. If yes, then you can ask about mortgage modifications.
If you cannot assume the current mortgage, you may want to investigate other financing options available to you.
Good luck,
Sarah Klug, Esq.