What to do regarding inherited real estate?.

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What to do regarding inherited real estate?.

My father passed away 5 years ago and I inherited a real estate property. For some reason the mortgage was never transferred to my name and always stayed in my fathers name. About 2 years ago, I was no longer able to make the payments. Can the bank sue me for the property and will it affect my credit score?

Asked on October 24, 2012 under Estate Planning, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The bank cannot sue you for any deficiency if the property that you inherited falls into foreclosure for the simple fact that you are not on the loan, promissory note of the trust deed. Rather, your deceased father is. I suggest that you consult further with a real estate attorney about your matter.


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