Cannot sell deceased father’s house in Virginia.

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Cannot sell deceased father’s house in Virginia.

I am the executor of my father’s estate in Virginia–I cannot sell his house. Payments are about $3000 per month, so I’m going through his savings trying to keep up the payments. Can I walk away from the house with no penalty to me or the estate if I let the house go into foreclsure? If I cannot just walk away and let the bank take it back, what kind of attorney should I see for advice?

Asked on May 16, 2009 under Real Estate Law, Georgia

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you cannot sell the house for what is owed, then you may want to ask the bank to do a short sale and agree to not seeking the balance of what is owed.  This way, you can sell the house for what the market price is as opposed to what is owed.  You can also stop wasting money on payments.  The bank will want to see some kind of financials showing you are running out of money and the house will be in foreclosure.  Locate a real estate lawyer/estate lawyer to help you.


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