Legal Question in Real Estate Law in Illinois
Reak Estate Law
My father died recently and the
mortgage on his house was
carried by the previous owner.
There was a one time down
payment of 34K on a 87K
morgage leaving a balance of
of 53K After 11 Years of
payments the principle in the
house is an additional 5K. I am
not in a position to continue
paying the mortgage and was
curious if any of this principle
put into the house is
recoverable or does the house
revert to the owner because
the contractual obligation can
not be forfilled to complete the
mortgage.
2 Answers from Attorneys
Re: Reak Estate Law
Hello. I have seen these situations
before. The legal issue is whether your father ever had any ownership in the house. If the property was
quit claimed to your father with the
existing mortgage remaining, your father's estate will have an interest in the property. If an estate has not
been opened, it should be. This is the best way to proceed under the
circumstances. Will be happy to discuss this further and in more detail.
Re: Reak Estate Law
You need to see a lawyer as soon as possible! You do not want to lose an asset with a value that may be over $5000. There are definately ways to recover but time is important.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
