Three years ago my mom in law died… withdrawal the over mortgaged home. The home is value usually about 10,000, with all the problems it has, however her loan is by citifinantial as well as is over 40,000. My father has the single sibling. Neither the single of them can take upon this loan; it’s not even value starting by probate court. The home is in her name during this time, it never went by probate, as well as you all motionless it would be improved to only let the bank foreclose upon it. In you do which you were released the summons. My subject is, in NY state when someone dies, is the family obliged for there monetary burdens? Please I need assistance upon this one.
I HAVE A QUESTION ABOUT FORECLOSURE ON A HOME OF A DECEASED PARENT.?
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You need to contact an attorney. Don’t waste your time on opinions you get here.
No. The estate of the decedent is responsible for the decedent’s debts. Third parties are never responsible for the debts of an estate, unless those third parties independently co-signed for the debts in question.
However, if the estate has other assets, then those assets can be used to pay the mortgage balance, as well as other creditors. For instance, if in addition to this home your m-i-l also had a $50,000 savings account, then a portion of that savings account must be used to pay creditors if necessary, even if the will states that the savings account is to go to a relative.
The bottom line is this: If your m-i-l had more debts than assets, so that nobody is going to inherit anything, then you need not do anything. Heirs are not responsible for any debts. However, if your m-i-l had more assets than debts, and you as heirs want a portion of these assets, then you need to hire a probate attorney to sort through everything.
The reason you all are receiving a summons is because each of you potentially have an interest in the property, as well as an interest in the remainder of the estate. A foreclosure is a quasi-judicial proceeding. The bank is intending to take the property, so all interested parties must be notified beforehand so that they can defend against the foreclosure if they wish.
Due to the nature of your question, I would advise your family consult with an estate attorney.
There is no reason why you should receive a summons, unless you are living in the home, then you were served a John Doe and Jane Doe notice of foreclosure. You really should talk to an attorney about probate because there is a slight chance you could end up with the home free and clear. When probate is opened all creditors have 90 days to make their claim. If for some reason the bank doesn’t make a claim, they can’t foreclose on the mortgage.
realtor.sailor
I agree with Lisa L and Realtoratheart…get an attorney. You shouldn’t be getting a summons at all.