What to do if the only asset in my father’s estate is his house?
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What to do if the only asset in my father’s estate is his house?
There is a reverse mortgage on it and it is now due in full, either by the sale of the home with proceeds paying off the mortgage or the mortgage company forcloses.The executor says he will not open probate because only asset is home which has to be sold to repay mortgage and numerous debts with no way to pay them. Plus, state law says that an account must be opened for attorney fees and other expenses that is 3% of the estates value; that would be $9000. The estate has no cash. I have a buyer for the house I just need courts to confirm me as executor to sell it
Asked on October 28, 2013 under Estate Planning, California
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 10 years ago | Contributor
You can open the probate and ask to be named executor (even though the will apparently names someone else) because that person is not willing to serve. However, I am not sure how you would benefit from doing that, if all of the sale proceeds would have to go to your father's creditors, not to his heirs. The only benefit I can see is that you could earn a fee for your services as executor. You should talk to a local probate attorney to help you do this.
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