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spikeonly

Junior Member
What is the name of your state? tenn.
dad died at 82 left no will.he had practically no assets except a house with a mortgage and about $25,000 in equity(more or less whether some repairs are made) .The mortgage company says the balance is due in 6 months or it goes to forclosure(they also said they could extend that if still in probate) He also has about $15,000 in unsecured debt with various credit cards and medical bills. how does it usually end up? Is the home equity considered an asset ? can the creditors get proceeds from the sale of the house or force an auction ? my sister thinks we can purchase the house for the balance of the mortgage.but I have my doubts
Ive heard one can do probate without the expense of a lawyer and there isnt much money here any advice is appreciated thanksWhat is the name of your state?
 


Dandy Don

Senior Member
Probate is needed if you all are going to take over the mortgage or sell the home with the mortgage company's permission. Examine the mortgage document or ask the mortgage company if the relative was still alive would the balance still be due in 6 months--hopefully you all can afford this if you want to keep the home. Was he making regular monthly payments on the mortgage or was he behind?
 

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