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sorry we are looking for a florida lawyer . thank-you for responding
Hello,Is there a named beneficiary for the life insurance policy (other than the estate of the decedent)?
there is no beneficiary named at all. my husband is not even named. it was a job benefit with the post office and they did not insist on a named beneficiary. he is her only living relative except our minor children.
thank-you for your time and effort and you might be right. but my husband is very specific about a florida probate lawyer answering this question. please throw the question out in the public forum again.
throw the question out to public forum one more time. if we decide that you were the best answer for the money . how would we come back to compesate you. Sorry you cannot identify yourself as a florida lawyer but i understand privacy issues.
no questions ,please put the question back into the forum.
no ,not yet
okCustomertime is getting late and my husband wants an answer and your answer seems well informed. is there any way to probate the estate but not be responsible for the house?
okCustomertime is getting late and my husband wants an answer and your answer seems well informed.
is there any way to probate the estate but not be responsible for the house?
A: You could offer the lender a deed in lieu of foreclosure. The lender must also give a release of further liability for any deficiency balance on the mortgage, otherwise, the lender would still have a claim against the estate. If the lender agrees, then the property will be removed from the estate, and the estate will have no further responsibility. However, if the lender inspects the property and determines that it is worth less than the loan value -- and also realizes that the estate is solvent, then it will demand payment or it will sue for foreclosure and then claim against the estate for the deficiency.
The least pleasant option is foreclosure, because Florida foreclosures are expensive. The lender will lump all those costs into the claim against the estate, and it could add $25,000 to the loan payoff.
Which is why I believe that (assuming you use the proceeds from the life insurance) the most cost effective move is to repair the property, and either sell it or rent it, while bringing the mortgage current. The only reason to not do this is that the costs, plus all of the other debts, exceed the value of the life insurance. That would be the only reason why everyone would disclaim their interests in the estate and just walk away.
Hope this helps.
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