IL probate law, administration of father's estate, home facing possible foreclosure
Chicago, IL
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Posted about 1 year ago in Probate
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Administrator of Estate and Decedent Property:
Hello! My father passed away last year, and assets are set to be released from his estate shortly. (Nothing in the hundreds of thousands or anything)We had his home on the market most of this year,and it has not sold.It is now pending foreclosure as we did not have money initially to pay his mortgage and assessments. It has been suggested that we pay off the delinquent balance when his funds come in, (as his HOA is already filed a lawsuit against the estate) and put the house on the market as a short sale. My greatest concern is that we will exhaust whatever remaining assests left if the house does not sell, and in the end, will still end up in foreclosure. It seems to be such a waste on an empty house. Please help we are in desperate need of closure. It has been almost a year now.
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Answers (1)Joel Armstrong Schoenmeyer
This attorney is licensed in Illinois.
Posted about 1 year ago.
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I think your concern is a valid one. You should understand that you and the other beneficiaries are under no legal obligation to contribute money to bring the house payments current. But that means the house will essentially belong to the lender.
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