Legal Question in Wills and Trusts in Georgia
My mother passed recently, I'm so clueless when it comes to the law. I've recently learned that the house is in foreclosure, apparently when the mortgage was refinanced, the insurance was taken off. I was paying for the the utilities at the house. I know she has more than two accounts with her financial instiution. Meeting with an attorney tomorrow, not sure what can be done at this point. Really going through the motions right now. No will left- please help if you can...
2 Answers from Attorneys
Meeting with a lawyer is the right step. If she owes more than she has, the answer will be to simply walk away, do no probate, and let the lender pursue the remaining assets. If she has more assets than debts (unlikely from what you said) the lawyer can help you with probate.
I am sorry for the loss of your mother.
How much equity did your mother have in the home? How far along in the foreclosure process is it? Is it worth saving and selling? It may be better to let the house go if there is little to no equity in it. And stop paying the utilities. Those should have been disconnected if the house is in foreclosure.
You do not indicate how much is in the accounts. Will it be enough to satisfy any claims against her estate? Should your mother's estate be probated? Probate may be necessary in order to get the funds from your mother's bank accounts, but maybe not. It also depends on the size of the probate estate - there is a simplified procedure available for very small estates. These are all questions you need to ask the attorney.
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