Q: Can a home sale be done “privately” and does it have to be approved by probate court ? What about loan assumptions?
It is for a home loan. My father lives in the home. My mother had a Will and I am the executor of her estate. The home was left to my father in a Will. He lives there. It has a remaining balance. He is not on the deed. He is working to assume the loan because he wants to stay in the home. If he can’t qualify with current lender and assume it, can a private sale be done for him to buy it that way ? Does this need to be approved by the court ?
I understand he does not have to assume the mortgage, and he cannot be legally mandated to pay it, but how else would he get the home in his name? He cannot just continue to pay while it’s in the name of my mothers estate (or her name only)
Does the debt just go away? Her estate will eventually have to close. No one has called the loan due and it is not in foreclosure. The payments are current.
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A: The debt does not just go away. One way or the other it needs to be paid. Probate is the process that gets title transferred from a decedent to the heir(s) in most states. In some states, under some circumstances, title can be updated by affidavit. Your probate attorney should be helping you with this.
Anthony M. Avery agrees with this answer
A: As the executor, you have the legal authority to transfer the property to the named person as the Will states. It depends on the languagein the Will if the Estate is responsible for the debt or the person receiving the real property. You do not need Court approval to sell the property in the State of NY once you are name the fiduciary under these circumstances. You should consult with an estate probate attorney to determine how best to deal with this issue.
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