M
matizzy
Guest
Alabama. My sister and I are executors of our father's estate in Huntsville, AL. We have been trying to sell his house for over 7 months now. For over a year (june 2000), we have employed an attorney who has not been any help to us whatsoever. My sister and I are both young and are not well informed of what to do with our father's house. He did have life insurance money but very little. Not even enough to pay off his mortgage which is 52000. We were told by our attorney that we couldn't foreclose on his house because we had life insurance money and we needed to sell his house FSBO or through a realtor. My sister moved into his house to take over the mortgage payments while having the house up for sale. It has been 7 months and no offers. My sister has run into financial difficulty and will no longer be able to make his mortgage payments. I can't make his payments either and his life insurance money is about to be completely spent. We were just told by our attorney (a year later) to call his mortgagor and ask about a deed in lieu of forclosure. I have done some research on this but am still "in the dark." Why can't we just let his house foreclose? Our father is deceased and we really aren't concerned about his credit history. Should we just stop making the payments and let the bank take over his house?