mherndon15
Junior Member
What is the name of your state (only U.S. law)? NJ
My uncle passed away this summer. No wife, kids, will or assets, other than his home and a checking account. No insurance either, except fire coverage on the home (it was a home equity loan, not full mortgage.) My other uncle, his only surviving sibling, has executive power over the estate. He lives in IL though, so I have been handling all of the issues with the house & property for them.
My uncles house is falling apart- literally. Holes in the roof, mold everywhere, and damage to the main supports of the home. To top things off, there is an underground oil tank, with a positive soil sample reading. My uncle owed just over $12,000 on the property. All other debts have been settled, including credit cards. That mortgage is it. I have put out money to get a dumpster there for cleanout, but there is no way this house is going to sell with a demolition needed and a possible leaking underground oil tank. My other uncle wants to just hand over the house to the bank, which I guess is the best option? (or he wants to have me take over executor power of the estate) Is it ok to do that and withdraw the checking accout for the funeral & costs of paying off my deceased uncle's debts without repercussions?
Most importantly, will the executor of the estate have to face any penalties for forfeiting the property to the bank? I'm not sure if its best to just close the checking accts for him, and let him forfeit the property, leaving executor as it is? We need to sell the property for $25,000 to break even, which I don't know if that will happen without pulling the oil tank, which I can't afford to get involved with. Thank you in advance for your time, I truly appreciate it.
My uncle passed away this summer. No wife, kids, will or assets, other than his home and a checking account. No insurance either, except fire coverage on the home (it was a home equity loan, not full mortgage.) My other uncle, his only surviving sibling, has executive power over the estate. He lives in IL though, so I have been handling all of the issues with the house & property for them.
My uncles house is falling apart- literally. Holes in the roof, mold everywhere, and damage to the main supports of the home. To top things off, there is an underground oil tank, with a positive soil sample reading. My uncle owed just over $12,000 on the property. All other debts have been settled, including credit cards. That mortgage is it. I have put out money to get a dumpster there for cleanout, but there is no way this house is going to sell with a demolition needed and a possible leaking underground oil tank. My other uncle wants to just hand over the house to the bank, which I guess is the best option? (or he wants to have me take over executor power of the estate) Is it ok to do that and withdraw the checking accout for the funeral & costs of paying off my deceased uncle's debts without repercussions?
Most importantly, will the executor of the estate have to face any penalties for forfeiting the property to the bank? I'm not sure if its best to just close the checking accts for him, and let him forfeit the property, leaving executor as it is? We need to sell the property for $25,000 to break even, which I don't know if that will happen without pulling the oil tank, which I can't afford to get involved with. Thank you in advance for your time, I truly appreciate it.