When a property is in a newly deceased parent’s name only, are there any ramifications for the only son allowing it to go into foreclosure?

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When a property is in a newly deceased parent’s name only, are there any ramifications for the only son allowing it to go into foreclosure?

There is no “estate” and the new wife is sending us the condo association bills etc. The property is vacant and cannot be rented out again per condo association guidelines. The most recent sales contract is falling apart. Can we just turn in the keys to the lender and walk away with no negative impact on us financially?

Asked on October 25, 2012 under Estate Planning, North Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can have the estate do that absolutely. You are not required to keep the gift probated to you under probate laws. Talk with the lender after you have obtained the death certificate and figure out the next steps. You should also consider what you are planning on doing with the furnishings (like couches, chairs, tables, etc.).


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