California | Wills and Trusts
Legal Question
My wife's mother dies and leaves a house with a $190k reverse mortgage on the property. There is a will but no executor or probate filed on the property. The house is appraised for approximately $275k but in this market selling the house for any profit after expenses could be a problem. However, as I understand,since there is no executor we can not take offers to even try and sell this house unless we file expensive court forms to place the property into probate and assign an executor. This means signing up for legal fees, and paying court filing fees.
So it's look like we must, have to, pay to file the court documents, and pay a lawyer probate costs to even try listing and selling this house.
So what happens if we can not sell the house, it is foreclosed, and there is no estate. It looks like minimally we lose the money for filing the court documents. Will we have to pay the lawyer fees if there is no estate?
I don't mind paying if there is profit to pay, but, why should anyone have to pay for getting nothing.
This process seems really unfair and inflexible, and clearly if this is the case this system is broken.
Do I have any other options?
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