Legal Question in Real Estate Law in Pennsylvania
real estate
my name is on the deed of my parents estate that still owes money on a mortgage, my credit isn't good enough to get a loan nor will they talk to me about it since i am only on the deed not the loan, they have accepted payments from me which i have since stopped paying because they won't talk to me. it's now in foreclosure, what is my responsibility as far as what will i owe on the mortgage if i sell the home and will ther be an inhertance tax if i still owe on this?
2 Answers from Attorneys
Re: real estate
To others in similar situations continue the mortgage payments until at least you consult with an attorney. You may be able to maintain the outstanding mortgage even if they will not talk with you.
Find a local attorney to assist with this matter or risk losing everything.
Good luck to you.
Re: real estate
You asked a compound question about foreclosure.
You really need to speak with an attorney regarding you duties and liabilities in this situation.
In some circumstances the mortgage holder may be able to foreclose only on the portion of the home secured by the mortgage. In other words, the foreclosure would rather be a partition in which the mortgage holder would seek to sell the property and split the proceeds. In this case, you would take the entirety of the proceeds from your portion of the home and the Mortgagor would be paid from the proceeds of the secured portion of the home. If there was a deficiency then that would go to the estate and would not affect your proceeds.
This is one circumstance, and may not be the actual situation. You need to speak with an attorney about this situation and s/he can review the relevant documents and advise you on the best way to proceed.
Regards,
Roger
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