There is a 100% secured equity loan on this primary residence (Florida). Home Sale not likely to have an monentary gain (Florida), and may not pay off loan amount. Executors hands are tied until court administrative papers appoint him.. I guess Foreclosure may happen initerim. ?
Typically the probate attorney will notify the mortgage company of the pending administration and hold off on foreclosure. Most states have requirements that stop all foreclosure processes until an executor is appointed which gives the estate up to 6 months or more to figure out what to do with the property. I believe you may have a Florida attorney representing the executor, so that is the best person to handle this matter! Good Luck!
There may be a possibility to short sale the property. You would have to have the court approve the attempt, and given the exigent circumstance, the court may allow an emergency motion to do so. I would consult immediately with a probate attorney in Florida or whereever the estate is being probated.
The information provided is based solely on the general information given and should not be construed as legal advice for your specific situation.
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