How can I keep a mortgage lender from foreclosing on my deceased mother’s house?
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How can I keep a mortgage lender from foreclosing on my deceased mother’s house?
My 2 siblings and I stand to inherit the house which is worth about $85,000 (which is in disrepair). Liens total $15,000.
Asked on September 21, 2011 under Real Estate Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the house is an asset of an ongoing probate, you should have the executor and the attorney working the probate to contact the lending institution holding the loan secured by the trust deed on your deceased mother's home regarding monthly installments due. If there are liquid assets of your deceased mother's estate, the executor needs to get a court order to service the property's debt load unless the will allows him or her to do so on their own.
That way the asset of the estate is safeguarded.
If there are not enough liquid assets of the estate presently to service the property's debt load, the beneficiaries of the estate need to loan the state money to pay the monthly amounts.
Another option is to obtain a court order setting the property for sale.
Good luck.
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