What is the name of your state? Massachusetts.
My father in-law passed away six months ago. My wife is handling his estate and I am helping her. His only assets are his home and a small bank account. At first we thought the sale of his home would cover all debt with some left over. We found that his home, believed to be worth $350k, looks to be worth $250-260k because of major structural issues/location and before the real estate commission. His outstanding mortgage is $238k with about $50k extra debt. In the end there is $5-10k left for $50k debt. My wife and I are worried that the debtors will think we dumped the property because it is assessed at $350k. We have had the property on the market for 45 days and it is the cheapest property on the market in an affluent town. We have had a lot of people see the home and have had three offers with the highest being $260k. we want to sell it and move on but what can we do to protect ourselves from the additional creditors?
Thanks in advance.
My father in-law passed away six months ago. My wife is handling his estate and I am helping her. His only assets are his home and a small bank account. At first we thought the sale of his home would cover all debt with some left over. We found that his home, believed to be worth $350k, looks to be worth $250-260k because of major structural issues/location and before the real estate commission. His outstanding mortgage is $238k with about $50k extra debt. In the end there is $5-10k left for $50k debt. My wife and I are worried that the debtors will think we dumped the property because it is assessed at $350k. We have had the property on the market for 45 days and it is the cheapest property on the market in an affluent town. We have had a lot of people see the home and have had three offers with the highest being $260k. we want to sell it and move on but what can we do to protect ourselves from the additional creditors?
Thanks in advance.