inherited disaster

jaymicbushell

Dear all

Unfortunately my brother was killed a little while ago and i have been left with a flat he owned. It is in the middle nowhere and no one seems interested in either renting or buying it seems. The property is costing me £520 a month which i simply cannot afford, my once meagre savings have taking a good kicking and are now to the point of no return. the mortgage is still in my late brothers name, and the mortgage company have reluctantly kept it going as long as i paid the monies owed each month. Is there any way out of this ?? can i simply let the property be re-po'd ??
Your help/advice/input would be greatly appreciated

thanks in advance

luckyfool

Is there any equity in the property? If not then you should be handing the keys over to the lender.

tanith

I'm sure you've done it but you did check there was no life insurance on the mortgage, this is usually a must with the mortgage company...

jaymicbushell

there is no equity in the property, it is a 100% ltv job. is there any comebacks on me if i do this, as i don't want my credit rating affected?

jaymicbushell

tanith wrote: »

I'm sure you've done it but you did check there was no life insurance on the mortgage, this is usually a must with the mortgage company...

unfortunately not........

themull1

why are u paying the mortgage? if the mortgage co take back the flat, and there is no money in your brothers estate,you won't have to pay anything.

noh

tanith wrote: »

I'm sure you've done it but you did check there was no life insurance on the mortgage, this is usually a must with the mortgage company...

It very rarely is a requirement.

Annisele

Are you the executor of your brother's estate? If so, was there anything else in his estate, and has it been distributed?

jaymicbushell

Annisele wrote: »

Are you the executor of your brother's estate? If so, was there anything else in his estate, and has it been distributed?

yes, there was another property and it has been distributed to my mother, i was the executor

luckyfool

jaymicbushell wrote: »

yes, there was another property and it has been distributed to my mother, i was the executor

That is going to be your problem. Presumably the mortgage lender would have a claim for any shortfall against the estate (i.e. equity in this other property). Without being a solicitor it seems to me that you should have resolved the issue with this property (by selling it at whatever price the market would bear) before distributing any other assets as now you seem to be left in a bit of a jam. I think you need to seek urgent legal advice to find out what the situation is.

Trollfever

Dealing with the financial affairs of someone who has died

http://www.adviceguide.org.uk/index/your_family/family/dealing_with_the_financial_affairs_of_someone_who_has_died.htm