[WSBAPT] HELP!

[Heather de Vrieze]

Don’t forget RCW 11.68.080<http://app.leg.wa.gov/RCW/default.aspx?cite=11.68.080> which requires that you file (and provide to all beneficiaries, heirs, and unpaid creditors) the notice of possible insolvency.

I have been able to get creditors to voluntarily reduce their claims in such circumstances, sufficient to make the estate solvent.

I don’t have a good answer about the questions specific to tenants and the reverse mortgage. These tend to require very fact specific solutions. I realize it is a bit late for this now, but I tend to push clients to discover as much as possible about potential claims and likelihood of benefit to the heirs before getting them appointed as PRs in these types of situations.

Heather

Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Amy Goertz
Sent: Thursday, July 28, 2022 7:18 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] HELP!

Sounds like maybe a Petition for Instructions might be a good way to go.

I note, however, that typically when I do that the Commissioner often asks me what I think we should do … so you might want to have an answer ready even if you don’t put it in the paperwork.

Call me if I can be of help.

Amy


Amy J. Goertz, J.D.
Goertz & Lambrecht PLLC
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Address for correspondence:
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Spokane, WA 99203

Additional office locations:
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Goertz & Lambrecht PLLC
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On Jul 27, 2022, at 4:06 PM, Diane J. Kiepe <DJKiepe at depdslaw.com<mailto:DJKiepe at depdslaw.com>> wrote:

Hello Team Listserv,

I have a couple who died within 1 month of each other, no children, charity beneficiary says they don’t want to take the home for facts that will be clear as you read.  The only asset is a home with a reverse mortgage (racking up interest every day) and folks living there without any color of title.  The market was hot and it appeared on the front end the tenants would work with us in getting out  - the market is now more soft and tenants are still there.  I asked the mortgage company to do a Deed in Lieu and they won’t because of the folks there.  I don’t think it appropriate for the PR to have to front any more costs to estate then have been fronted to date.

I had a valuation of the home done but the tenants are untidy, cats roam around etc.  At this point, the way reverse mortgages run, I am inclined to let the house go through foreclosure.  I also think now the estate is upside down because of creditor’s claims.  Trying to figure out what documents to file with the court going forward – any thoughts?  I’ve had insolvent estates before but they weren’t this messy (reverse mortgage/creditor).

I’m exhausted with this one ☹

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

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