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<b>Assuming the condo is underwater & the estate as a whole is
insolvent:<br>
Don't open a probate.</b><b><br>
</b><b>Don't contact the mortgage lender.</b><b><br>
</b><b>Stay in the condo until the buyer at the foreclosure sale
threatens to evict.</b><b><br>
<br>
I've had numbers of these, & typically, foreclosure doesn't
occur for at least a year after the D's death --- & often much
longer (I've had some where it's truly been years). Meanwhile, at
least in my experience, the tenant effectively has rent-free use
of the property.</b><b> The downside to this is that if they
continue to use the property, they're liable for it, eg, for waste
etc. Therefore, it's often a good idea to retain insurance on the
property --- for example, if the property (eg, a home) burns up,
is vandalized, etc., </b><b>the insurance should protect the
tenant from any claim for damages.</b><br>
<br>
<br>
<div class="moz-cite-prefix">On 3/13/2015 11:59 AM, Sarah Jael Dion
wrote:<br>
</div>
<blockquote
cite="mid:14EBDBDA-B073-430E-867E-D9597B070BB8@dionlaw.com"
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<div>Hello listmates!</div>
<div><br>
</div>
<div>I am debating how to advise a client in the following
situation, and would be appreciative of thoughts/ideas from
anyone with knowledge to share!</div>
<div><br>
</div>
<div>Client’s mother died at the end of 2014. Client recently
hired me to assist her. Client has not opened probate. Client is
a very nice woman, but is rather delicate in nature and is
easily overwhelmed.</div>
<div><br>
</div>
<div>Client’s mother owned a condo where she lived with client,
and where the client still resides. The mother took out a
reverse mortgage, which became due upon her death. Client would
like to buy the property back from the reverse mortgage company,
but for a variety of reasons, has realized she will not be able
to do so. The only asset in the mothers estate is the condo and
it appears that the reverse mortgage is for more than the condo
is worth. The reverse mortgage company will not communicate with
me or my client because we do not have letters testamentary from
the probate court.</div>
<div><br>
</div>
<div>The estate is insolvent, which means that opening probate
would be especially $$ and would only benefit the reverse
mortgage co. My client ideally would like a little more time to
remain in the condo, but I don’t want her to run afoul of
anything.I am thinking of advising her to (1) call the reverse
mortgage company and tell them that they should go ahead and
foreclose, and (2) just walk away from the whole situation
without opening probate. Does anyone see a problem with that? If
we go that route, may she just remain in the condo for a few
months as the bank does what it needs to do, or must she
evacuate ASAP?</div>
<div><br>
</div>
<div>Are there other suggestions for action my client could take? </div>
<div><br>
</div>
<div>Thanks in advance for any ideas!</div>
<div><br>
</div>
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Jael Dion</div>
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Law PLLC<span class="Apple-tab-span" style="white-space:
pre;"> </span></div>
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<div>206-550-4005</div>
<div><a moz-do-not-send="true"
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