Legal Question in Real Estate Law in Michigan

My mother died and owes more on her home than it's worth. We are concerned with the possible deficiency on the home and don't want to open the estate to try to sell the home if the deficiency on the home will negate any possible $ we have coming to us. If we can list the home and get the bank to agree to waive any deficiency through a short sale or a deed in lieu.

Is it possible to try to LIST her home WITHOUT opening the estate in order to see if we can get the bank to approve a possible short sale or deed in lieu and open the estate at the closing table? Who or what "entity" would sign the listing docs?


Asked on 9/25/10, 9:30 am

1 Answer from Attorneys
Glenn Matecun Matecun, Thomas & Olson, PLC

There are strategies to deal with this situation, but it is not simple. You can't sell the property without opening a probate estate and getting "Letters of Authority" for the personal representative. I have handled several of these successfully, but there are certain legal issues and timing issues that are important. You should sit down with an experienced probate attorney -- don't jeopardize the rest of the assets coming into the estate. Good luck.

Glenn R. Matecun

Michigan Probate Attorney | Michigan Estate Planning Lawyer

www.MichiganEstatePlans.com

Toll Free: (888) 487-6150

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Answered on 10/30/10, 10:58 am


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