My father passed away 3/5/11. He had a house that he owed $82,000 on his home and left about $15,000 in debt. I can't sell the home because the market is good and home next to his sold for $90,000. What should I do or be doing? I was left as the executor but don't have the money to pay anyone for any services. I was contacted by a creditor that they were opening probate. The home has been forclosure proceedings.
Answer
Your question is somewhat confusing. Is the house in foreclosure? You should contact the lender and see if something can be worked out in which you guarantee on behalf of the estate a certain amount of money when you do sell the house [do not guarantee any payments or make any payment yourself]. you need to make up a detailed list of assets and liability, including income taxes for up 1/1/11 to 3/5/11. If the house without counting the mortgage and other assets are worth less than $100,000 you do not have to go through formal probate; talk to the creditor and see if they will withdraw any probate petition [any one with an interest in the estate can file for probate]. Borrow from the library the Nolo press books on trusts and estates so you have a better idea as to what you can and can not do
Answer
If the assets your father left behind are worth less than his total debts, which it sounds like is the case, and a creditor is willing to deal with the trouble and expense of the probate, you should just clear out any family memorabila and any other items family might want that have no market value, and walk away. There is no reason and no benefit to doing all the things Mr. Shers says. Do not take anything of value. Anything of value must be used to pay creditors before anything can go to heirs. If he has other assets, so that his total estate is worth more than his debts, then you should contact a probate attorney for a consultation.
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