[WSBAPT] How to abandon under water real property

[Jayne Gilbert]

Hello there I am also working on a Probate where the Estate is now
apparently insolvent and like your case the only asset is real property
with a mortgage.

My question is what is the process for the PR to resign/be discharged?

On Wed, May 20, 2015 at 10:01 PM, Tom J. Westbrook <tjw at w3net.net> wrote:

> 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
>
>
>
> [image: cid:image001.jpg at 01CFC835.0D3988D0]
>
>
>
> Rodgers, Kee & Card
>
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>
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>
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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
>
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-- 
*************************************************
Jayne Marsh Gilbert
Gilbert and Gilbert Lawyers, PS
(360) 336-9515
*************************************************
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