Re: foreclosure in probate in california
Posted by Rick, the Probate Guy on October 06, 2007 at 08:17:41:
In Reply to: foreclosure in probate in california
Posted by Jack on September 29, 2007 at 22:17:03:
Good point, Henry. I have an estate right now (where I also happen to be the P/R) which had mortgage insurance. Nice surprise, too.
Don't waste your time with a short sale if this is a "don't wanter" property for you.
If you're OK with letting the property go, there's a pretty slim chance that there will be any negative repercussions to the estate. The decedent's credit rating is longer an issue, and if the loan was purchase money (It sounds like it was) then there's zero chance of any recourse due to a deficiency judgment.
I've been working foreclosures for nearly 30 years and began focusing only on probate real estate in 1990, and typically see 2-4 new probate foreclosure cases every week, so this is not an anomoly situation for me.
The only remaining issues have to do with who and what remains in the property. I'd clear out anything of value that I wanted, keep it insured until it goes to sale (in case someone gets injured in or on the property and tries to sue the estate...stranger things have happened!) and move on.
Best of luck to you and your family and don't loose any sleep over this house.
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