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Inherited a Problem |
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i recently inherited a big headache.a good friend of mine passed away last month.he left me his house and a thirty year mortgage.i would like to sell the house but the remaining cost of the loan is 45000 higher than the value of the house.i talked with my lawyer about doing a short sale.He advised me not to go that route because i would still be in debt for the remainder of the loan.please let me know what i can do to get out from under this burden.thankyou |
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I don't know just where in the legal process the property is, but you have the right to refuse an inheritance. Ask your lawyer if it's too late for that. As for a short sale, if the lender does agree to it (which they don't always) the whole point is that the forgive the rest of the loan. |
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Edith
Originally published on September 8, 2008 |
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