Can a finance company take away your apartment?
My mom’s apartment is in the process of having it put in my name and it is also on the market. I am still paying the consumer loan that is still under her name. If I stop making the payments and they find out that the apartment is being sold, can they go after the estate to pay off the loan?
Yes, my mother passed away and it is going through probate
and she did have a will
The loan is not under default, it is still up to date.
Quick House Sale
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3 Responses to “Can a finance company take away your apartment?”
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December 9th, 2009 at 2:11 pm
The debt to freeze your checking account garnish wages and maybe place lien is only valid if you can never predict how they win judgement this may allow them to defaultthey will either sell your property lien.
December 10th, 2009 at 4:23 am
Your question is a little confusing, but I’ll try to understand it. Did your mother pass away?
Your mother’s apartment has a mortgage on it. If you stop making the payments, they will foreclose. If a buyer makes an offer, the bank may accept the offer. Or the bank may refuse to sell it until the foreclosure process is completed (so as to minimize their loss on the mortgage). In that case, you could lose any equity that may have accumulated.
December 10th, 2009 at 8:12 am
Did your mother pass away? Is that why you used the word “estate”? If she died then the loan is due and payable by the estate. It is a debt of her estate. You would also have a legal obligation to inform the lender that she died. Your question is short on facts.