Q: Can the estate administrator complete a deed in lieu of foreclosure? Is an appraisal required?
My father owes $103,487 and the average home value is $108,000. No equity in the home. Heirs are unable to become the successor.
A: If there is little or no equity in estate owned property and the lender is willing to accept a deed-in-lieu of foreclosure, then yes, a Personal Representative has authority to sign such a deed. Whether or not a deed in lieu can be done depends on the willingness of a lender.
Note that if heirs are willing to take over the mortgage they may be able to instead assume the loan.
Please understand that the above offers general legal information and does not take into account any specifics of your situation or offer any legal advice. It is a good idea to get legal advice when administering an estate.
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