[WSBAPT] Probate Quandary

[Inge Fordham]

Assuming the creditor's claim is valid and enforceable, I would recommend having the surviving spouse execute and record a PR deed, then refinance the house and pay the creditor's claim.
 

Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
 
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On 11/21/19, 4:32 PM, "wsbapt-bounces at lists.wsbarppt.com on behalf of Paul Neumiller" <wsbapt-bounces at lists.wsbarppt.com on behalf of pneumiller at hotmail.com> wrote:

    Listmates.  What to do.  What to do.  PR, as surviving spouse, inherited everything from spouse.  Here's the problem.  Outstanding creditor's claim is for a large amount but there is enough equity in the residence that if the PR is able to borrow against the residence, then PR would be able to pay off the creditor in full AND keep the house.  But the banks will not loan to an estate.  Even though if the residence were sold through Probate and the creditor would receive about 50 cents on the dollar (due to administration costs and family award/homestead rights), creditor is extremely uncooperative.  So, how does PR get the residence transferred into PR's name solely so PR can obtain a loan, pay off the creditor, and keep the house?