What to do with house

[Beeboo]

What is the name of your state? Michigan.

Here is my situation.

Both parents are dead, no will (may have been stolen out of the safe by brother/sister), 1 brother, 1 sister & myself are only heirs.

Dad left us with lots of credit card bills + the house & contents.

It looks like the CC bills are more than the equity in the home (80k to 90k).

I cannot decide if i should go through probate or just let the house go into forecloser or tax seisure because nobody will pay the bills.

I can become the executor, but am not sure if i want to.
Not sure how many of the creditor's will file claims to get paid.

I have been advised to walk away from the situation & let the home go which i am having a hard time agreeing with.

I am interested in any opinions or solutions to the problem.
Please help A.S.A.P.
The mortgage is about to go behind & i need to make a move 1 way or the other.

Thank You in advance.

 

[Grooovy-mon]

Honey, no one can tell you what to do, this is not a legal question. You have been adviced, you do not want that and clearly need to just make up your mind and go with that.

Do what your heart says is all I can say.

 

[Beeboo]

Well, my heart says to do what is right, but there is a way to beat the creditor's. Problem is, I am not a scammer & do not want to have this hanging over my head for a long period of time, but my bro & sis could really use the $.

On top of that, doing it the right way would cause me a whole lot of work, fighting with my bro, possibly end up oweing $ if i do not process the paper work right & notify all creditors properly & I will probably get NOTHING.

Anyway, I am just trying to get some opinions to try to help me with my decision. I have been beating this around in my head for over a month & it is draining me.

I know what everyone is thinking, just make a damn decision..........IF IT WAS ONLY THAT EASY, to watch everything your mother built & father ruined go out the window.

All opinion are welcome, unless you just like to be negative, keep it to yourself.

Thanks in advance to all.

 

[I AM ALWAYS LIABLE]

My response:

Here's your answer - -

Under the law, an Estate, much like a corporation, is a "legal person". As the Administrator of your parents' Estate, your only job is to guide that "legal person".

That "legal person", according to your post, has more debts than assets.

Therefore, once you become the Administrator of the Estate, just file the Estate's bankruptcy. Doing so gets rid of the debt, and may save, at least something from, the Estate.

If the house is homesteaded, either through your parents' affirmative filing for same before their death, or automatically under the law, the BK Trustee may allow certain exemptions that might be enough to allow enough money left over after the sale of the house to distribute to yourself, and your siblings.

Talk to a local Probate and Bankruptcy attorney. Their fees can be paid out of the sale and distribution of the house equity.

IAAL

 

[Dandy Don]

How much is owed on the house? If no one can afford to continue living there and making monthly payments on the mortgage, mortgage company will probably agree to a sale and letting you get some of the proceeds.

It does not look like there is much of any other type of assets, so the bills look like they will remain unpaid. Since virtually no assets, probate may not even be needed. It is essential that you consult with a local probate attorney to find out exactly how to proceed in the way that is best for you.

 

[I AM ALWAYS LIABLE]

Since virtually no assets, probate may not even be needed. It is essential that you consult with a local probate attorney to find out exactly how to proceed in the way that is best for you.


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My response:

Did you even bother to read my response, above?

Didn't I say to our writer to consult with a local Probate attorney? Didn't I say that because "Since virtually no assets" in the Estate that it would probably be beneficial to bankrupt the Estate?

What did you bring, that was new, to this thread?

IAAL

 

[Beeboo]

I am always liable....good idea

I have consulted with our family attourney, but I am losing confidence in his abilities, concerning estate law.

Noone has told me (until now) that an estate can file for BK.

The home is homesteaded.
Dad has not filed a tax return in years (another job to do).

I have a problem though, we transferred title to his truck to me, sold it & paid the funeral expenses with that $. I am scared I may get in hot water if I try to run this thing through.

any suggestions?

 

[Beeboo]

1 more thing about no probate

My question would have to be .........How?

Do you sell a home in your father's name without going through probate?

You have to get clear title to do it & noone else can sign the sale papers but a dead guy.

So, if you mean let the house go to foreclosure & not sell it. Then, I understand no need for probate.

If not, Please explain how I can pull it off?