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 5 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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