Many people are confused about their obligations and options in these cases. First and foremost, the mortgage is still due. Repayment obligation does not terminate with the death of the original owner. Second, to avoid foreclosure or other adverse action, such as collection letters, the mortgage must be current. The lender can still take...
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While there are some ways to expedite the process and reduce the amount of inherited property involved, some legal proceedings are almost inevitable when a loved one dies. Properly understood and carried out, probate often brings emotional closure in these situations, but if it gets out of control, probate litigation can become an expensive...
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The loss of a loved one is devastating enough, but when that loss is coupled with the prospect of losing the family home, inherited real estate, which is typically the most valuable asset in these situations both financially and emotionally, the burden can almost be too much. Massachusetts is a non-judicial foreclosure state. In...
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The lingering effects of the Great Recession, and the fact that many homes are still underwater, are driving the foreclosure rate in Massachusetts back up. Some observers contend that the continued rise really is a backlog of cases. Three times in the last ten years, Massachusetts lawmakers enacted foreclosure relief measures, such as giving...
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Update: Prince’s Estate in Probate The dreams of fame and fortune turned out to be short lived for 29 people who claimed to have a lawful share of Prince Nelson’s legacy. Carver County District Judge Kevin Eide disallowed the claims of eleven reputed siblings, five alleged children, and thirteen purported cousins/nieces/nephews. At the same...
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Nearly all residential real estate transactions involve both a financial and an emotional component. For example, a motivated seller might take less money and a needy buyer might be willing to pay a little extra. But where inherited real property is concerned, the emotional factors are often much more prevalent. Strong emotional attachments are...
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According to SafeguardTheWorld, homes without security systems are 300% more likely to be broken into, burglarized or vandalized. This number increases tenfold when there is a vacant home with obvious signs of no one living there. Some of those signs include overgrown grass and shrubbery (ill-maintained lawn), snowed-in driveways and walkways and an abundance...
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Carrying out the duties as an estate executor is probably one of the most thankless and time-consuming jobs. Many administrators agree to take on this burden out of loyalty to the deceased, and they may receive little or no compensation, other than what is provided for in the will, assuming that one exists. On...
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All the people who claim to be Prince’s heirs must provide sworn testimony to support their claims, according to a Carver County, Minnesota district judge. The judge’s order requires prospective heirs to file an affidavit that answers a number of personal questions and provide a birth certificate copy. The trust company handling the estate...
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Previous posts covered selling to an investor, selling via an auction and selling on your own (for sale by owner). Today, I want to share information with you on selling with a real estate agent. This is the most common way to sell real estate. After signing an agreement with the agent, he or...
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