• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Creditors' rights?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

delnaja77

Junior Member
What is the name of your state? Tennessee

My Dad left no will, and my brother is starting to gather info. on how to proceed with probate and possibly become the Administrator:

1) Is it law in Davidson County (Nashville) that he MUST use a lawyer, or can he just file the papers himself?

2) There was a "reverse mortgage" on the house, and my brother already contacted the mtg. co. They want to send out an apprasier ASAP. They told him that they will "come after the house" to get their payoff in 3-6 mos. How can they do this? Isn't there a set time that other creditirs have to file claims first? If the house appraises at more than the payoff, is the EQUITY considered to be an asset to pay off his other unsecured creditors?
We just want to know that if someone calls tomorrow to offer to buy the house at the payoff price only , can the other creditors "force" an auction or another sale thinking that they can get more for the house so they (not just the mtg. co.) can be paid??What is the name of your state?
 


racer72

Senior Member
1. Based on your full post, a lawyer would be the best choice.

2. There appears to be some confusion concerning the reverse mortgage. This means someone is selling the house back to the mortgage company. Generally the person involved in a reverse mortgage either owns the house outright or has a significant amount of equity. This also means the mortgage company would owe the estate a buyoff amount, the estate would not the mortgage company money. This is another reason a probate attorney is not an option. See one soon.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top