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Updated about 6 years ago on . Most recent reply

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Derek Tellier
  • Real Estate Agent
  • Sevierville TN
224
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305
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His Dad Passed away and was behind on mortgage

Derek Tellier
  • Real Estate Agent
  • Sevierville TN
Posted

I know some of you have some experience dealing with these situations so figured I'd put this out there. 

The Situation is that a former co-worker passed away last week. According to his son he was about $8000 behind in mortgage payments and his estranged wife is on the loan. He is wanting to buy the house or somehow take possession. I don't have a lot of information at this time and I know the best answer is he needs an attorney but any advice on the process he should take or that I could help him take would be appreciated. 
So far I told him the first thing he needs to do is find out what's owed and how far behind it is. Then if the ex is indeed on the mortgage and if the foreclosure process has started yet. 

Thanks in advance 

  • Derek Tellier
  • [email protected]
  • (865) 385-5782
  • Most Popular Reply

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    Joe Splitrock
    • Rental Property Investor
    • Sioux Falls, SD
    18,562
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    Joe Splitrock
    • Rental Property Investor
    • Sioux Falls, SD
    ModeratorReplied

    @Derek Tellier an estate attorney needs to review the entire estate. Bank accounts, retirement accounts, life insurance, property value (versus owed) and figure out the best move. You can't sell the house without paying off the money that is owed. But it is probably better to let the sale of the home pay the $8000. The proceeds on the home probably get split with the wife which is why you don't want to use cash from the estate to catch up the mortgage payment. 

  • Joe Splitrock
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