I Stand to Inherit Underwater House

[Clipper965]

What is the name of your state (only U.S. law)?
FLORIDA


My Mother passed away 2 weeks ago. My mother's home has a first mortgage and at the height of the market took out $50 equity line of credit which in 2010 means a house underwater by about $20k. Total loans $140k current market value of house $120k. Equity line payments are interest only until 2013 when must be paid in full or re-financed. Should I just do a deed in lieu of foreclosure and just walk away or is there any loan modification strategies I could use?What is the name of your state (only U.S. law)? I only earn $26400 per year. I was just approved for a $50k FHA mortgage so I could move but would like to hang on this house somehow.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[FlyingRon]

First, off, if unless you're already on the deed/mortgage, you do not have to accept a liability just because it was "willed" to you. Accepting it and then trying to get a DIL or foreclosure is silly. Let them foreclose on it without you.

If you can make the payments, or think you can obtain financing that will work for you, feel free to accept the property.

You might talk to the existing lender(s) to see about a refi as surely they are looking at a recourseless foreclosure otherwise.