My parents estate has been in probate since 2008 awaiting the sale of a piece of property, and now the mortgage company is foreclosing on the property and have named all parties that are beneficiaries of the estate as defendants in a civil suit. My question is, if I was to negotiate with the mortgage co. and arrange to purchase the property for the balance due would I still be bound to the probate court order to dispose of the property and divide the profit?
2 Answers from Attorneys
I would not do that negotiation until you purchase the property out of the Estate and you own it on your own. Then the profits, if any, will be yours.