[WSBAPT] Insolvent estate & foreclosure

[Dalynne Singleton]

I was appointed the Administrator of an Estate for a man who died with a mobile home in Belfair, two vehicles and nothing else.  I sold the cars, attempted to fix the home, clean it out of a lot of clutter and repaired some water/fire damage in the home making some small claims with the insurer.  I listed the property for sale and received a short sale offer.  Wells Fargo is owed more than the home is worth after adding in all the interest, penalties and $2k for foreclosure attorney fees for two years since the death of the husband.  During the listing time, I received a copy (no service) of a judicial foreclosure notice and contacted the attorney and Wells Fargo about the short sale.

Long story short, Wells Fargo declined the short sale offer and indicated it would only accept $255k which is the balance now owed.  I don't see any way to get this much in a sale.

What do I do besides going to court and declaring the estate insolvent at this point with a mortgage more than the home is worth and no assets other than the home for any deficiency?
Wells Fargo had declined the short sale offer and offer of the deed in lieu.  I must be missing something in this scenario but given Wells Fargo continuing with a judicial foreclosure, there are no monies for attorney fees and as Administrator, I want to close the estate.

Once I get order of insolvency, can I continue with closing?
Last time this happened years ago, I just told the bank they could have the property/house and I didn't have to do anything else but close the estate.

Dalynne Singleton

Gourley Law Group
Snohomish Escrow
The Exchange Connection
1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.329.4079
360.568.8092  fax
dalynne at glgmail.com<mailto:dalynne at glgmail.com>

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