Insurance death benefit - safe?
Posted by Cam on June 24, 2008 at 12:45:12: I'll try to make this brief. Dad passed away in April. Mom owes $550K in total. $425K on first, $125K on second. House is worth $450K (upside-down). Mortgage was in dad's name only. Dad has no estate. Looking to get mom out of the house and into a senior housing apartment. Found out recently that dad had a $99K death benefit through his former employer. Question: If mom walks away from house (short sale or foreclosure), can lenders come after her for the difference of the short sale? Can she protect the $99K from the life insurance? Thanks.
Follow Ups:
- Re: Insurance death benefit - safe? - Mar y Supinger 00:38:01 06/25/08
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- Re: Insurance death benefit - safe? - Mar y Supinger 00:36:54 06/25/08
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- Re: Insurance death benefit - safe? - Cam 07:45:24 06/25/08
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- Re: Insurance death benefit - safe? - NJD 15:53:40 06/24/08
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- Re: Insurance death benefit - safe? - Cam 20:05:28 06/24/08
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