My grandmother had a reverse Mortgage on her home. My mother has been living in the home waiting for a notice to vacate the property but have not received anything. she has been deceased for over a year and a half now and we are not sure why this hasn't been resolved yet. My mom has been paying all of the HOA fees and property taxes. She just recently received a notice that due to CA wildfires the Homeowners insurance will be dropping the property. Because my mom just kept paying the homeowners insurance that was in my grandmother's name there will be no way to get new insurance on the home because my grandmother is passed and the home is in a reverse mortgage. I got in touch with a trust attorney who says shed be willing to work with us. However after watching your video, I'm beginning to think that it would be easier to just let the house go into foreclosure and then vacate. My grandmother did NOT have a will.
If there isn’t any equity in the home and there wouldn’t be any repercussion on your mother or any other potential beneficiary, you might be right to let the lender foreclose. But, I would be absolutely sure that is the best course of action by talking with a real estate professional to obtain the current market value of the house and then do the math regarding the outstanding debt (and any liens) on the home. I would also recommend that your mother consult with a real estate attorney.
Hello Kim. I purchased a note on a home from a bailbondsman. The individual who owned the home has passed away. Other than the note I purchased, there are no other liens on the property, no spouse or kids, there is also no will. There are some back property taxes to pay and the home is in great disrepair. How do intransfer the deed into my name to become the rightful owner?
Hello! That’s a good question. If I was in your situation, I would start by contacting a title company to run a title search on the property and the decedents name/social security number to verify you are the only lien holder. Then they can direct you to the next best step. You might also want to contact a real estate attorney once you have the information about any liens on the property. Please let me know how this turns out…I’m very curious
My uncle did a probate years ago. The mortgage is still in my grandmothers name whom is deceased since 2012. I believe the probate shows us as beneficiaries. Does that mean we own the house even though the mortgage is in my grandmothers name?
Question, my brother and I sold my dad's home through probate. I paid off all my dad's debts through estate account that home sale funds went into and I am the admin of. We turned in final accounting to court. If all debts have been paid to creditors, can I legally access some funds to help brother with living expenses or a certain amount of funds? Or do I have to wait until final accounting hearing? I am admin of estate.
Hi Jason, Great question! You should contact the probate court to gain permission to access some of the funds (prior to the closing of the probate) to help your brother with his living expenses. I’ve had experiences where my client requested the court allow him to release $10,000 from the house sale proceeds for this exact reason…to help his brother with his living expenses. Then once the probate is complete, you can release the remaining funds to the beneficiaries. My recommendation is that you hold some of the funds for 9 months to a year to pay any unforeseen expenses such as property taxes. Once the year is up, then you can fully release the remaining funds.
Quick Question, we are currently in the middle of probate thru our lawyer but after getting all the assets appraised the value is less then the probate minimum in California, and our lawyer is saying they are going to back out due to them not making money from the estate and that they will leave us to complete the probate ourselves. What would you say we should do at this point? Thank you.
Hi Tyler, that’s a tough one. You might want to try either Nolo.com or SmartProbate.com Nolo has a book on how to probate an estate here: store.nolo.com/products/how-to-probate-an-estate-in-california-pae.html?_gl=1*iwievo*_ga*MTY5NTk4OTE3NS4xNjgxODM2Mjg4*_ga_RJLCGB9QZ9*MTY4MTgzNjI4OC4xLjEuMTY4MTgzNjI5NS41My4wLjA. smartprobate.com/ is a discount law firm that focuses on specifically helping families with settling probate estate in California. Hope this helps!
I am in Probate, waiting to be filed, but the banks want take payments because my mother did not have a will they just filed foreclosure how can I get emergency document for them to lease? Take the payment until everything is settled?
