Probate St Pete Property - Advice needed

[Kevin O'Brien]

I've got a lead for a house that just went into probate a few days ago. Speaking with the executor of the estate he has no interest in keeping the property and the house is now in probate due to the finances of the estate not being handled properly. 

This is my first time with probate. It sounds like the house is upside down on the mortgage value. 

What advice can I give him on dealing with the bank? Is there hope of saving a deal like this? What questions should I ask? Should I speak with his probate attorney? Should I discourage him from contacting a probate attorney?

[Rick H.]

Probate short sale! Yuck!

There is little benefit to the PR or attorney for negotiating settlement with the secured creditor(s) (mortgage lenders) unless the local state statutes permit recourse loans to cut into the equity of other estate assets. 

There were a couple of characters promoting this play a few years ago and pissed off the judges to the point that we can't utilize the laws now when we really need them. Thank you probate weasel.

While you might get through this file eventually, it will unlikely to be worth the hassle unless you have masochistic tendencies.