Legal Question in Wills and Trusts in Michigan

Estate

My mother passed away in April. She had a home equity loan on her house and now we are trying to find out what the Bank wants us to do as she was the only one on the loan and she had no will, no executor, and she has no assets. The bank will not talk to us as none of us (siblings) are on the loan. None of us want the house and therefore we do not want to have to go through probate. At this point we are considering just locking up the house and mailing them the keys...

Thank you


Asked on 7/06/09, 2:16 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Estate

If there is no equity, you could just let the house go into foreclosure and let them take the house back. Otherwise you might want to sell the house and pay off the lien that way (if it's worth trying to sell it). I don't see the point of probate if there's no equity.

Read more
Answered on 7/07/09, 4:21 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Michigan