Will a foreclosure on my late mother’s house effect my sister and I as the executors of her estate?
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Will a foreclosure on my late mother’s house effect my sister and I as the executors of her estate?
She still had a mortgage on her home. Should the home go into foreclosure, how can my sister and I distance ourselves from this so it does not affect our own personal credit?
Asked on September 10, 2013 under Estate Planning, North Carolina
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 10 years ago | Contributor
The mortgage is not your personal debt, so the foreclosure should not affect your personal credit.
However, as executors, you and your sister have a duty to your mother's heirs to protect the assets in her estate. You do not have to use your personal assets to save the home, but you should consider using your mother's other assets to prevent foreclosure, if it's possible. If you can sell the home instead of allowing foreclosure, you should do that. At the very least, you should get the other heirs' consent to allowing the foreclosure to take place, if you feel you must allow it.
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