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Probate question

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jumdk1

Junior Member
What is the name of your state (only U.S. law)? PENNSLYVANIA.
MY BROTHER DIED IN AUGUST 2009 WITHOUT A WILL. I WENT THROUGH THE PROBATE PROCESS AND WAS NAMED ADMINISTRATOR. HIS ONLY REAL ASSET WAS HIS HOUSE WHICH WE PLAN ON SELLING. MY BROTHER HAD A HOME EQUITY LOAN OPEN IN HIS NAME AT THE TIME OF DEATH WITH NO CO-SIGNERS. DO THE LOAN PAYMENTS HAVE TO KEPT CURRENT OR CAN THIS LOAN BE SETTLED WHEN THE HOUSE IS SOLD? I EXPLAINED THIS TO THE BANK THAT WE WILL SETTLE THIS LOAN WHEN THE HOUSE IS SOLD BUT I AM GETTING CALLS FROM THE BANK SAYING THAT THE LOAN IS LATE AND I DON'T WANT IT TO GO INTO DEFAULT. ANY ADVICE WILL BE APPRECIATED.
THANKS.
 


latigo

Senior Member
Sorry to hear about the loss of the loved one.

Just to clear any confusion in terminology - the deceased’ brother’s home is not part of his “residual estate”. That term applies to the net assets in the decedent’s estate that are not otherwise identified and specifically bequeathed or devised under a will. Or are passed on under a clause in the will as the rest residue and remainder of the estate. Or assets of the deceased that are simply omitted from the will and pass by intestate succession.

The term “residual estate” has no meaning with respect to intestacy (as here) where the entire net estate is distributed under the state’s intestate succession laws – with no leftovers.

That said, I appreciate your position with the mortgage holder as obviously any further loan payments will have to come out of yours or other pockets.

But the hard fact is that you have no leverage to apply in getting the bank to agree to suspend those payments. Nor can the probate court order it. As you are fully aware if the mortgage holder will not abide your wishes, the estate faces foreclosure.

You write, “we plan on selling the house”. Don’t you think the situation is more urgent than that?

Also, I want you to consult with your attorney regarding this and rely on his or her advice, but in my opinion it will be better to hold the estate open so that the property can be listed and sold through the administration.

I’m sure that that is your intention, but all too often real property is shortsightedly distributed out of an estate in partial ownership creating estates in cotenancy with their trappings of untold legal nightmares.

Best of luck in resolving a difficult situation, which presents a strong testimonial in favor of mortgage insurance.
 

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