How do I get the money from a house that I inherited which was foreclosed on but for more that the amount of the mortgage owed?
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How do I get the money from a house that I inherited which was foreclosed on but for more that the amount of the mortgage owed?
My mother died almost a year ago and did not leave a Will. Her house got foreclosed on
2 months ago. She only owed $30,000 on it, went to auction for $38,000 and sold for close to $50,000. It’s just me and my older brother, however the mortgage company will not tell us anything on the foreclosure. I really don’t know what to do.
Asked on December 19, 2016 under Estate Planning, Alabama
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You will need a court order to compel them to release the information and then the money. You will have to file a lawsuit seeking the equity in the house from them and, as part of that, you will be able to use the legal process or procedures of "discovery" to get the information you need. At the end of the suit, the court can order them to pay whatever amount, less costs of sale and paying off the loan, you are entitled to. If the estate has not been fully probated, the personal representative or administrator should bring the suit on behalf of the estate; if it has been probated, the heir(s) can bring it.
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