Updated about 12 years ago on . Most recent reply
Closed estate, Probated Property w/existing mortgage
hey guys,
I am a new investor. I had a potential deal on the line from a personal representative of an estate. He was looking to offload it for free, however, the property was a complete gut (est. ~$50-60k) and the arv would be no more than $50k. I was interested in it one bc it was offered for free and 2nd there are a lot of sec.8 landlords I would have marketed the property to.
The property has an existing mortgage @ $13k that is currently in the name of the Estate but the property has changed hands twice, 1st to the personal rep, then to the personal rep's business.
If I were to proceed to wholesale this, who will pay the unsatisfied mortgage?
Since the mortgage is still titled to the Estate, can the mortgage company still claim the house?
There are no kin, heirs or taxes owed.