[WSBAPT] Process when estate real estate is less value than mortgage

[Ann Manley]

How about a Deed in Lieu of foreclosure to get the title transferred back
to the bank?

Ann Manley, Esq.
The Manley Law Firm, P.S., Inc.
PO Box 16324
Seattle, WA 98116
(206)292-3064 / (206)292-3914 fax
www.manleyfirm.com

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On Tue, Sep 19, 2023 at 3:46 PM Timothy Lehr <timothy at stileslaw.com> wrote:

> All,
>
>
>
> I had a client that was a veteran friend of the decedent and decided to
> take on his intestate probate after decedent passed. We’re now at a point
> where the only asset left in the estate is a piece of real estate. It’s a
> crappy lot with a house that is condemned by the county. Mortgage owed is
> around $67k and the best offer in 8 months on the market is around $50k. It
> looks like the estate will end up insolvent.
>
>
>
> What would the best next steps be for the PR? Let the bank foreclose and
> walk away? Request the court name the estate insolvent…? But then what
> liability does PR have the mortgage company? Just looking for a place to
> start to advise PR.
>
>
>
> Thanks,
>
>
>
> *Timothy C. Lehr*
>
> Attorney & Partner
>
>
>
>
>
> p:   360.855.0131
>
> e:   timothy at stileslaw.com
>
> w:  www.stileslaw.com
>
>
>
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