Q: What should I do with my deceased mother's upside-down house in Florida?
My mother passed away, and her will appoints me as her Attorney In Fact to sell or distribute her goods. She may be upside down on her mortgage, and I am not on the mortgage. Her will does not specify what to do with the house. I contacted her mortgage lender, and they requested her death certificate and will, which I have sent, but I haven't heard back yet. No other living relatives have expressed a preference regarding the house. Should I try to sell the house or let it foreclose?
A: The answer depends on a few factors, but first, a point of clarification. If you hold power of attorney for your mother, you no longer have the authority to act on her behalf after her death under that document. If she had a will, the executor named in the will is the person with authority to act now. If there was no will, you, as an heir of your mother's estate, may qualify to act on her behalf. It is almost always the better option to try for a short sale because you are in control of the outcome. With a foreclosure, the lender controls the outcome. If the property was not your mother's homestead and there are other estate assets, you will want to negotiate a short sale with a deficiency waiver to protect the other estate assets from a deficiency claim. Schedule a free consultation to determine the best plan for your mother's house and estate.
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