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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Thu, 29 Sep 2005 19:10:44 -0500 /

Author of the message: "John A. Weeks III"

Title of the message:
Re: Legal Question(s) about Estates....HELP!!??

Text of the message:
In article <1128036405.043996.222980@f14g2000cwb.googlegroups.com>,
"realEstateGuy" <kcirelli1@gmail.com> wrote:

> A Widower dies 11 months ago, no will. Daughter opened the estate.
> Has a house with a 50K mortgage....in foreclosure
> Values at 190K!!
> Could they sell it even if it didn't bring enough to satisfy the 1st
> mortgage and the 80K?
>
> Would the Daughter/Son/Estate still be liable for any balance left
> (assuming the house could be sold for the highest offer they could
> get.... 60K in ten days).
>
> Would the 1st mortgage or 80K against the estate, get paid first from
> the proceeds of a sale?

I think you need to talk this over with the estate attorney.
I don't see a problem here, and you appear to be asking a lot
of really silly questions.
The house is worth $190K.  It should sell for that.  The
escrow should generate about $172,000 after closing costs.



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