What Happens With a House in Probate With Negative Equity?
If you are considering selling your inherited home, you’ll want to understand what will happen if you’re in probate with negative equity. Negative equity is when you owe more on your house than its value. It’s a problem that can be tricky for people with contested inheritances.
Options
Fortunately, there are a few solutions to this situation. First, you can “zero out” the debts. This will allow you to take the equity you have from the home and use it to pay the bills.
Another option is to continue paying on the mortgage until your house’s equity has increased. Once it does, you can sell your inherited home.
One way to do this is to find out how much you owe on your home and compare it to the current market price. Then, work with your estate representative to make an offer. You’ll need to put down a 10% deposit, which is usually in the form of a cashier’s check.
Estate Representative
Once you’ve received your offer, you’ll have to review it with your estate representative. They may decide to accept your bid or reject it.
Estate Executor
When the estate’s executor makes an offer, he or she must submit it to the court. After the court approves it, you can proceed with the sale.
Tax
Depending on your state, you may be liable for property taxes and capital gains taxes. You should also check to see if there are any liens on your inherited home.
Free consultation from one of the best Law Firms
If you have questions, you can get a free consultation with the Best Probate Lawyers.
Parklin Law – Probate Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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Parklin Law
Magna, Utah
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Magna
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Main Street in Magna
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| Etymology: Kennecott Copper’s Magna Mill; Latin word meaning “great” or “superior” |
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| Coordinates: 40°42′6″N 112°5′9″WCoordinates: 40°42′6″N 112°5′9″W | |
| Country | United States |
| State | Utah |
| County | Salt Lake |
| First Settled (as Pleasant Green) | 1868 |
| Given Township Status | 2001 |
| Incorporated as a Metro Township | 2017 |
| Government
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| • Municipal Administrator | Greg Shulz |
| Area | |
| • Total | 37.48 sq mi (97.07 km2) |
| • Land | 15.11 sq mi (39.13 km2) |
| • Water | 22.37 sq mi (57.94 km2) |
| Elevation
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4,278 ft (1,304 m) |
| Population
(2010)
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| • Total | 26,505 |
| • Estimate
(2019)[2]
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26,949 |
| • Density | 1,783.88/sq mi (688.78/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84044
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| Area code(s) | 385, 801 |
| FIPS code | 49-47290[3] |
| GNIS feature ID | 1430037[4] |
| Website | Official website |
Magna (/ˈmæɡnə/ MAG-nə) is a metro township in Salt Lake County, Utah, United States. The current population of the township stands at 27,029 according to the 2020 census, a moderate increase over 22,770 in 2000.
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What happens with a house in probate with negative equity?https://t.co/oa9FVGc6Yq#ParklinLaw#ParklinLawUtah#ParklinLawProbate#ProbateLawyerUtah#BestProbateAttorneysUtah#ProbateAttorneyMagnaUtah pic.twitter.com/u27zf4rSCn
— Macky Douglas (@DoeMacky) December 22, 2022
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