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Redwood City Probate Home in Foreclosure: What do I Do?
If you are the Personal Representative for a Redwood City Home in Probate that has a delinquent mortgage, but there is equity in the home, DON'T BE AN OSTRICH!!!!!
It is now very common for Redwood City homes that are in Probate to have mortgages. Many homeowners were enticed to refinance in the last decade because of easy money or low interest rates, many seniors have reverse mortgages on their Redwood City Probate homes, and some people did not refinance because of low interest rates, but because they were helping out family members.
When a mortgagee dies the mortgage still needs to be paid. Death does not eliminate the obligation. So what do you do if the mortgage is late, the home is in foreclosure, and the estate has no money to pay the mortgage? It is very common for Redwood City Probate estates to be house rich but cash poor.
The first thing that has to happen in a probate with this situation is that a personal representative needs to be appointed. This sounds like a no brainer, but sometimes there are fights within a family as to who that person is going to be, and while people are fighting ... more

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