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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55459
Experience:  29 years of experience practicing law, including tax and estate planning.
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My mom died and left me executor to her estate in her will.

Customer Question

My mom died and left me executor to her estate in her will. I am an only child and my dad died years ago. She still owes 170.000 on her house. It's been on the market for 8 months and the best offer I got was 125.000. If I sell for 125.000, the money goes into her estate account. Can I pay her mortgage monthly until late the funds run out ? And what happens after the funds run out ?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning Dale. My name is ***** ***** I look forward to helping you.

If you sell the house, any proceeds will not go into the estate account; rather, all the funds from sale will go to the lender to pay the mortgage. The estate would get no money. So, there really is no sense in simply continuing to pay the mortgage payment when what is owed far exceeds the value of the property. In this situation, it would be a better idea to either do a deed in lieu of foreclosure with the lender or to simply let the lender foreclose on the house.

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