Will a foreclosure on my late mother’s house effect my sister and I as the executors of her estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Will a foreclosure on my late mother’s house effect my sister and I as the executors of her estate?
She still had a mortgage on her home. Should the home go into foreclosure, how can my sister and I distance ourselves from this so it does not affect our own personal credit?
Asked on September 10, 2013 under Estate Planning, North Carolina
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 11 years ago | Contributor
The mortgage is not your personal debt, so the foreclosure should not affect your personal credit.
However, as executors, you and your sister have a duty to your mother's heirs to protect the assets in her estate. You do not have to use your personal assets to save the home, but you should consider using your mother's other assets to prevent foreclosure, if it's possible. If you can sell the home instead of allowing foreclosure, you should do that. At the very least, you should get the other heirs' consent to allowing the foreclosure to take place, if you feel you must allow it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.