foreclosure in probate in california

Posted by Jack on September 29, 2007 at 22:17:03:

I am the administrator of an estate in probate in california (kern county). Property values are plumetting. One property in the estate was purchased in 2005 for $350K, current balance is $328K, and is currently on the market for $304K. I have contacted the bank for a short sale. The bank wants an offer from a buyer before they will consider. so far (3 months later), there has been no interest in the property. I stopped paying the $2,500 mortgage pmt in September 07 (Oct is 2nd month w/no pmt).
Question: can I let this property go into foreclosure? If so, is the estate at risk to litigation from the bank?
We have a probate attorney who cannot answer this question.

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