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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure After Death Posted by Rick, the Probate Guy on November 07, 2007 at 12:15 AM In Reply to: Foreclosure After Death posted by Shirley Lane on November 06, 2007 at 5:23 PM Shirley - CC in OC does not understand how this works. Specifically, the attorneys are required to give you notice of the pending foreclosure by statute. This makes sense because, if they had knowledge of the pending probate and ignored this, chosing not to notice you, and the property was foreclosed upon, especially if there is/was lots of equity, you'd be hopping mad about it. In CA, if the foreclosing lender does NOT have knowledge of the probate, there is no requirement to track you down. Fortunately, there should be no liability for you, at least personally, as for the debt of your Son, unless you somehow signed (or guaranteed) for his loan at the time he obtained it. There could be a remote chance that the lender could foreclose on the property and obtain a judgment against the estate if this loan were a "recourse" loan. Lastly, if there is significant equity in the property, you may have an obligation to remedy the problem and protect the equity as part of your fiduciary duties as administrator. You should be consulting your probate attorney about your exposures and duties and let her/him advise you as to how local and State statutes affect you. Hope this helps. Follow Ups: Re: Foreclosure After Death linda 12:08 AM, 02/19/11 (0) Re: Foreclosure After Death CC in OC 8:42 PM, 11/07/07 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Shirley - CC in OC does not understand how this works. : Specifically, the attorneys are required to give you notice of the pending foreclosure by statute. This makes sense because, if they had knowledge of the pending probate and ignored this, chosing not to notice you, and the property was foreclosed upon, especially if there is/was lots of equity, you'd be hopping mad about it. In CA, if the foreclosing lender does NOT have knowledge of the probate, there is no requirement to track you down. : Fortunately, there should be no liability for you, at least personally, as for the debt of your Son, unless you somehow signed (or guaranteed) for his loan at the time he obtained it. There could be a remote chance that the lender could foreclose on the property and obtain a judgment against the estate if this loan were a "recourse" loan. : Lastly, if there is significant equity in the property, you may have an obligation to remedy the problem and protect the equity as part of your fiduciary duties as administrator. You should be consulting your probate attorney about your exposures and duties and let her/him advise you as to how local and State statutes affect you. : Hope this helps. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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