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My mother passed away 3 yrs. ago May...she had a reverse…

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My mother passed away 3...
My mother passed away 3 yrs. ago May...she had a reverse mortgage on her home, and of course, now the loan has become due, and now the property is in foreclosure. Myself my husband are still living in the property. There are 7 children that area part of my mom's estate... (my brother passed away October of 2014.) Anyway one of my brother's was named administrator of the estate...(there is a will that has not been probated). There is the possibility of a short sale...however, the bank is saying that title has to be conveyed to my brother for this to be possible...we already have copy ofexisting title which was in our parents name, (both deceased, father 2005) How doesmy brother go about having the title conveyed?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 7 minutes by:
2/29/2016
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,926
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA.Ray here to help you today.

He would need probate here for both parents.As administrator/executor he has the power to deed the property with court's approval to himself.He would also need to pay off the reverse mortgage otherwise the lender forecloses.

If he can show them that he has opened probate for both parents then they may give him more time.But the lender here does not have to wait, you would have to agree to pay off the reverse note to keep the property long enough to sell it.

But the administrator/executor would transfer title with court approval by a fiduciary deed from himself as grantor to himself as grantee.

He needs court approval to do this, the court where probate has been or will be opened.You need a local probate lawyer if you want to save the house here, time is running out.

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago

NJ fiduciary deed

https://www.pdffiller.com/3065364-NJ-SDEED-6pdf-Nj-fidiuciary-deed-form-

You are looking at two probates one for each parent if both names were on the property.

I appreciate the chance to help you today.I am sorry for your loss of parents.

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Customer reply replied 2 years ago
I decided to seek legal counsel....but the motgage company said we did not need to Probate the will, why is that?
Real Estate Lawyer: Ray, Lawyer replied 2 years ago

Well the problem here with signing it to brother is that he then owns it, so you have to decide if you trust him.And if he deceases while all of this is going on his estate takes it.So signing it over instead of probate here has risks itself.I am worried about your interests, the bank likely is not.Thats your judgment here about whether to skip probate.With probate there is a judge overseeing everything to make sure no one gets a short stick..

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago

Thanks again and the best to you here.It is hard here with family involved no doubt.

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago

Counsel is a great idea to protect your interests and get your share that you are due.

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Customer reply replied 2 years ago
the mortgage company was correct in stating that the will does not need to be probated, for title to be conveyed to my brother the Executor/Administrator of estate...I am not worried about my brother. .we have someone ready to purchase house in short sale.
Real Estate Lawyer: Ray, Lawyer replied 2 years ago

Yes the brother executor can sign here in a sale of the property.It would not be a problem.If the title company is ok with it then it is not going to be a problem.

Thanks again and good luck with the sale here.

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