[WSBAPT] How to abandon under water real property

[Tom J. Westbrook]

Hi Teunis,

 

I am working on a similar situation now with an underwater estate property; last debt of the estate to pay. Difference is my estate is still solvent. The lender is CitiMortgage. They are amenable to a short sale or deed in lieu with no deficiency. That is the direction I am headed. I expect it should  work since they have agreed.

 

Sincerely,

 

Tom

 

Thomas J. Westbrook

Attorney at Law

 

 

 

Rodgers, Kee & Card

324 West Bay Drive NW, Suite 201

Olympia, Washington  98502

 

Phone: 360-352-8311

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Email: tjw at buddbaylaw.com

Skype: thomas.westbrook

www.buddbaylaw.com

 

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Teunis J. Wyers
Sent: Wednesday, May 20, 2015 3:43 PM
To: wsbapt at lists.wsbarppt.com
Cc: Lorrie Knowles
Subject: [WSBAPT] How to abandon under water real property

 

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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