[WSBAPT] Probate initiated as solvent estate -Title policy reveal Judgements making estate insolvent

[michael westseattleattorney.com]

Thx John

Sent from my iPhone

On Oct 29, 2021, at 5:27 PM, John McCrady <j.mccrady at pstitle.com> wrote:


Negotiating with the creditors for lower payoffs might work.  They may find that getting something rather than nothing is pretty good.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of michael westseattleattorney.com
Sent: Friday, October 29, 2021 4:52 PM
To: WSBA Probate & Trust Listserve <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Probate initiated as solvent estate -Title policy reveal Judgements making estate insolvent

How to proceed?  Initial estate was opened as solvent as heirs did not know of judgements /liens on real property. These will be nearly the same as the gross sale price of the real property and more than the net proceeds making the estate insolvent. Can heir complete sale and pay broker fee which will reduce net proceeds and leave insufficient monies to pay off judgements?  How do you remove liens /judgements ? Will Title insure?
I am thinking that judgement creditor would need to sign off, right?
Thanks Mike

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