What to do if my father passed away a year ago out of state and his belongings/estate are still in probate?
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What to do if my father passed away a year ago out of state and his belongings/estate are still in probate?
My 2 sibilings and I were left money, which we split and all 3 of us put that money into different annuities. His house, which none of us “got” in the Will has a mortgage of around $75,000. There was not enough money in his accounts to pay for it. We tried for almost a year to sell it but couldn’t, so we have finally stopped making payments (which were coming out of my fathers bank account) so it goes into foreclosure and goes back to the bank. About a week ago, all 3 of us (my fathers children) and our spouses just got served with a lawsuit from the mortgage holder of my father;s house. How can this be?
Asked on May 24, 2013 under Estate Planning, Arkansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss. When a bank forecloses on the property it has to make sure that it cuts off all rights of all parties that might have an interest in the property. You and your siblings are those parties. Now, I would suggest getting an attorney on this and contacting the bank and asking to do a Deed in Lieu of foreclosure and a waiver of deficiency or this may come back to haunt you later on. The executor needs to act. Good luck.
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