What to do? HELP!

Posted by DazedAndConfused on July 08, 2008 at 07:38:46:

My husband and I are on the deed as Tenants in Common of my deceased Dads home as we were living in the home with Dad from the time he bought it and were his caregivers. We have been trying to sell the house since he died last June and have now bought a home of our own as it looks like we've made the last mortgage payment we can afford. There was originally 60K equity (as a 20% down payment) which was to be part of my inheritance, but we've reduced the selling price so much that the 60K will never be seen and all that we'll make is enough to pay off the mortgage and the realtors commission. At this point any further reduction would mean we would have to BRING money to the table which we don't have. At closing, as my father had trouble writing , I signed all the documents as his POA. I have been told that as I am not on the loan, I have no financial responsibilty for the property and that the only credit ruined would be that of my deceased Dad if it goes into foreclosure. Incidentally, I was also named as Executor in his will, but the only assets were disbursed to the heirs already and were in the form of inherited IRA's and CDs which all had designayed beneficiaries, and which I'm told understand could not been attached by the mortgage company to satisfy the debt on the property. Has anyone else here been in this situation? What happened? Thanks.

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