[WSBAPT] How to abandon under water real property

[Teunis J. Wyers]

Decedent was buying a home, financed through Chase, and backed by the VA.
His sole heir, his sister, is the PR.  We obtained an order of solvency by
the skin of our teeth, showing a little equity in the home and a few other
meager assets.  There was a significant non-probate asset, a bank account,
that went to the sister via survivorship on the account.

Turns out that the dual agency broker who handled the real property
purchase transaction just sort of failed to mention how inadequate the well
was. Now it runs dry if you do a load of laundry.

So, we have property worth about $140K, probably not marketable, subject to
a mortgage balance of $144K.  We plan to report to the court that we are
now insolvent. The PR wants to abandon the asset. How do we go about doing
that within the context of a probate?  I am aware of RCW 11.18.200, but if
the PR defaulted on the loan, could the bank then seek a deficiency
judgment and go after the non-probate asset?

-- 
Teunis J. Wyers @ Wyers|Wyers, Attorneys
Oregon Office:
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Email:  teunisj at wyerslawpc.com
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