My Step Sons Father Passed Away. Need Advice Quickly!
There is no equity int he property. He filed for bankruptcy in September 2005. Family is in town with no idea what to do.
House contents are valuable. Can the bank demand contents be sold to pay towards the debt?
Should the family let the house go into foreclosure, disperse the contents and move on?
Their are no heirs to live in home.
Is your step son an heir?
This should all be taken care of in the probate of the estate. Whomever is the executor will legally have to sell all assets to pay any debts and then distrubute what is www.left.The sale of the house will be part of this process. Get an attorney involved with this one asap.
there is negative equity in the property. there will be a negative if the house is sold.
should the family just let the house go to foreclosure and distribute the personal belongings to family memebers?
Take everything you can from the property, or have your step son do it, BEFORE probate gets into it. They will just mess it up. It happened to me. If the house is negative equity and their are no heirs, let it go to foreclosure. Then maybe you could buy it as an REO at a discount
good luck
The probate court will demand that everything be sold to pay the debt, but if their are no heirs and no ones credit gets hurt, the screw the creditors. The lender will not lose on this, plus if BK filed in 2005 their should be no debt other than the funeral home. If the contents are valuable then take them and give them to the family unless they cannot agree on how to split things. Probate will only SCREW things up and the family will end up with nothing. It will get sold to strangers at auction.