home mortgage deceased spouse
Deceased Spouse; If the mortgage on the home is greater than the value of the home, can I, as the surviving spouse, simply quit claim the deed (joint tennants in enirety) to the mortgage company without any further obligation? Who would be responsible for taxes?
1 Answer from Attorneys
Re: home mortgage deceased spouse
I have heard this idea come up before but in reality in may or may not work. iF YOU AND YOUR HUSBAND SIGNED THE MORTGAGE THEN EVEN THOUGH HE DIED YOU COULD BE RESPONSIBLE FOR THE DIFFERENCE BETWEEN THE SALE PRICE AND THE MORTGAGE AMOUNT OUTSTANDING.HOWEVER, YOU MAY BE ABLE TO WALK AWAY WITH THE MOTRGAGE PAID IN FULL(THIS SAVES YOUR CREDIT).IN ORDER TO ASSIST YOU I WOULD NEED ALL THE FACTS SO IF YOU WOULD LIKE ME TO HELP YOU CALL ME AT MY OFFICE OR SEND ME AN E-MAIL ADVISING
ME HOW TO REACH YOU BY PHONE.YOU HAVE MY DEEPEST SYMPATHY FOR YOUR LOSS.