Inheriting an underwater home: Who pays the bill?
Real estate guru Bob Massi weighs in
- Duration 3:44
- Date Aug 23, 2012
Real estate guru Bob Massi weighs in
Also in this playlist...
This transcript is automatically generated
Sixty minutes after the top of the hour many older homeowners whose homes are under water now are concerned about.
Whether they should give their homes to their children when they passed away and then can they avoid -- passing that debt out of their kids that's a big question Fox News.
As Bob -- joins us from Vegas hello sir.
Good morning sir we've got -- great question for you from an email it says if a homeowner dies and leaves a house that is under water to their kids.
Are the kids responsible and I guess it all comes down to Bob whose name is on the mortgage -- that's.
Absolutely as long as the children -- have not signed for that mortgage and if the home is inheriting -- to the children.
And they decide they want to keep it now what's important is we'll talk about admitted.
They are not person responsible if that home is lost to a foreclosure so what's important is viewers know the children as laws -- names on an alone.
Will not be held personally responsible if that home is lost.
To a foreclosure okay but here's that's a little bit of a sticky point.
If those children want to keep that under -- home -- event what can they do.
There's a couple things first of all for viewers to understand if there is that -- -- for an estate in other words a probate work goes to the court.
And let's assume that there's assets.
And let's assume that the lender for closes and besides.
They want to assume they want to go after that deficiency we talked about.
They can make themselves a credit tour of that estate.
-- -- take -- put it claimant and say listen before any of this money in this state is distributed to the -- and we want to be paid.
First so the estate potentially.
Could be held responsible for deficiency if the lender decides.
-- -- -- -- -- -- -- But what it and here's another question that follows it up notice how we've put them all in order so that it make sense.
What do think -- -- can't afford to keep the house what do they do they want to live in the house.
But today you know a lot of people can't afford it you know that be announced in Vegas.
Yep yep lot of them just live -- the -- -- the -- to the to the houses foreclosed -- I know families that are concerned about the -- kids listen.
Live and -- and to the lender takes it.
Don't worry about it whenever the lender takes it just walk away and don't worry about it because they're not on the -- some of the kids.
Try to get refinanced and unable to as a result of homes lost the deficiencies gone essentially unless there's these state.
That we talked about if the lender decides to pursue it and Bobby if the kids live in the house but -- name isn't on the mortgage -- -- that impact their credit rating.
No because ultimately because they're not responsible for the loan -- any deficiency wanna get the bullet they're almost like Tenet at that point Steve.
That's all right Bob -- is hosting a rebuilding your -- seminar this going to be down in Tampa Florida on September 27.
And Fort Lauderdale.
On September 20 -- and register for free email.
Rebuilding your dreams at foxnews.com.
-- -- of people can register in those communities come out and here you give a seminar about how you can rebuild.
Yeah I'm I'm.
Yeah I'm excited about it and I appreciate FOX & Friends allow me to do we're gonna do rebuilding your -- storm to -- the club a Treasure Island right Tampa Bay September 27 FOX & Friends -- covered live.
Them -- go over to Lauderdale.
And it's called the bank Atlantic center in Fort Lauderdale again you could registered fox actually removing your dreams at Fox News.
Dot com I believe I'm correct on that I apologize right wherever graphic it and I look forward to meeting all the wonderful people who have been kind enough to send emails and watched the segment that should be great all right as -- Bob -- making a road trip out of Vegas and into Florida -- thank you very much sir.
For joining us like to take care you --