If I have been appointed by the surrogates office to handle my mothers estate, what can I do regarding the sale of her house?
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If I have been appointed by the surrogates office to handle my mothers estate, what can I do regarding the sale of her house?
There is substantial credit card debt 40k and a house on which she owes 172k, which is what it is worth. Basically we want to just get rid of the house, probably a short sale will happen. The mortgage is 3 months in arrears but no foreclosure proceedings have started. Should I contact the lender before listing it? Can I rent it out during forclosing proceedings?
Asked on May 31, 2015 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
I am so sorry for your loss. It is not a good idea to rent a place that is in foreclosure. The monies would really be due the mortgage holder not estate (that is a simplified explanation). If you want to turn the house over try what is known as a deed in lieu of foreclosure. You may need help negotiating it or maybe the bank would be open to a discussion from you given the circumstances. It saves them a ton of legal costs to do the deed rather than start foreclosure proceedings. Good luck.
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