Posted on: 08th Sep, 2011 10:49 am
What happens when you are the rep of a deceased estate. There are heirs involved, and you want to do a deed of lieu of foreclosure on the property. There is no personal assets and the property(real) will not bring in enough funds to satisfy the loan. The mortgage co has suggested the rep file a petition with probate for the deed in lieu of foreclosue, since one of the heirs can not be located. Has anyone ever had or know of anyone going through a situation like this?
Hi jess!
Welcome to forums!
The representative of the deceased person's estate should contact a real estate attorney and take his help in probating the property. He may also help the representative to locate all the heirs. As far as I know, in order to do a deed in lieu of foreclosure, you need to contact all the heirs and take their permission.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The representative of the deceased person's estate should contact a real estate attorney and take his help in probating the property. He may also help the representative to locate all the heirs. As far as I know, in order to do a deed in lieu of foreclosure, you need to contact all the heirs and take their permission.
Feel free to ask if you've further queries.
Sussane