As administrator of my mother’s estate, will the court make me use her money and pay on a foreclosed house that she had?
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As administrator of my mother’s estate, will the court make me use her money and pay on a foreclosed house that she had?
I am the administrator of my mother’s estate and she had house that is now going in to foreclosure. She had a little bit of money in her bank account. Will the court make me take that money and pay on her house that is being foreclosed?
Asked on June 21, 2011 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. The mortgage is a debt of the estate and technically dents of the estate must be paid with estate assets. But that does not mean that you can negotiate with the bank to try and resolve the matter to their satisfaction before the foreclosure occurs. What you can do is to try and get the lender to agree to a short sale and to waive the deficiency. Or to agree to take a deed in lieu of foreclosure and waive the deficiency. Ir you can look in to filing for bankruptcy for the estate and to discharge the debt. But I think that you may need some help from someone in your area. Good luck.
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