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Updated over 6 years ago on . Most recent reply
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Will foreclosure effect owner of recently inheritted home.
I am in negotiations with an owner (son of deceased) who has recently inherited a home through a living trust. Before the original owners (parents) passed away they had fallen behind on their mortgage. Now the property is in the hands of their son (the trustee). It is a few months away from foreclosure auction.
If it forecloses will that affect the son (trustee)? Is he legally the new owner of the home? As far as I understand the property did not go through the probate process because it was owned in a trust. There is little to no equity in the home. Would it be beneficial for him to sell before foreclosure (via short sale)? Or would the foreclosure have no effect on him?
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- Real Estate Professional
- West Palm Beach, FL
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The trustee/son has no liability so there is very little incentive for him to bother with a short sale.