Legal Question in Real Estate Law in Massachusetts

I now own a condo due to the death of a parent. There is a reverse mortgage on it. We are having trouble selling it, and are almost at the break even amount. The real estate agent is suggesting to look at a short sale Does this affect your credit?


Asked on 8/17/11, 11:21 am

2 Answers from Attorneys

If you inherited the property with a mortgage on it, you may not have any liability. Call me to discuss. 978.250.4255

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Answered on 8/17/11, 12:06 pm

if you are not a signatory on the mortgage or the note it should not impact your credit.

If the property has not been transferred to you, you can offer a deed in lieu to the Lender on behalf of the estate.

More information is need to really answer the question. Please feel free to contact me if you wish to discuss the matter further.

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Answered on 8/17/11, 1:33 pm


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