Q: My father passed in 2011. I was left with real estate upside down. Now, it will not sell. What choices do I have as PR?
I have paid the mortgage payments, but cannot get monies to satisfy creditors? I have an attorney, but the updates are not affordable. He passed in Oklahoma with no will. What happens now if we go to foreclosure? Or what can I do to stay out of foreclosure? I do not know why my attorney did not pay his house off when the monies he collected in 2015 bank statements claim we could have done this?
A:
I'm not sure that I understand your question. It sounds like the amount owed on the mortgage exceeds the value of the home. If this is the case there would be no proceeds from the sale to distribute to creditors or heirs. However, if you have made mortgage payments from your own funds and there is some equity, I would seek reimbursement of those funds prior to paying general unsecured creditors.
As to monies from bank accounts, you should certainly want an accounting.
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