Parent dies without a will-- what happens to apartment

[NickL30]

What is the name of your state (only U.S. law)? NYC NY

My mom passed without a will and lived alone. I am the only surviving child and there is no spouse.

She owned a co-op apartment with a mortgage on it + maintenance... What happens to this apartment?? If no payments are made, can the bank repossess immediately?? If so what happens to the 10 years worth of equity?

The co-op board expects to be paid. I cannot make this payment nor access any funds at this time. So then does the above happen?? If either party forecloses, what happens to the equity in the apartment..

 

[You Are Guilty]

What is the name of your state (only U.S. law)? NYC NY

My mom passed without a will and lived alone. I am the only surviving child and there is no spouse.

She owned a co-op apartment with a mortgage on it + maintenance... What happens to this apartment?? If no payments are made, can the bank repossess immediately?? If so what happens to the 10 years worth of equity?

The co-op board expects to be paid. I cannot make this payment nor access any funds at this time. So then does the above happen?? If either party forecloses, what happens to the equity in the apartment..

You need to find a copy of mom's Proprietary Lease and read through it. It will let you know if you even have a right to (reside in) the apartment.

Either way, you, as the sole heir, are for all practical purposes, your mom's estate. Until ownership is transferred out of mom's name, the estate is responsible for paying maintenance and mortgage. If it isn't paid, I'd expect either a foreclosure by the bank and/or a cancellation of the shares by the co-op. If that happens, the apartment is sold (usually auctioned off "on the courthouse steps"), and if there is any money from the sale left over after paying the debts, that excess is returned to the estate.

If all you need is some time, call the property manager (or co-op's general counsel) and explain your situation. They may be willing to work with you.

 

[nextwife]

If you wish to "save" the equity, you need to file probate, to legally handle her estate (executor or PR) and once, appointed you CAN access her accounts, to pay her creditors, including her house payments and co-op fees, until the property is sold.

 

[You Are Guilty]

True. And, in a pinch, you can pay the monies owed out of your own pocket. (Just don't expect to be recompensed if you do so.)

 

[nextwife]

True. And, in a pinch, you can pay the monies owed out of your own pocket. (Just don't expect to be recompensed if you do so.)

If he is truly sole heir, depending upon estate debts, he may very well be "compensated" by the equity he pulls out of the place when it sells.

 

[You Are Guilty]

If he is truly sole heir, depending upon estate debts, he may very well be "compensated" by the equity he pulls out of the place when it sells.

Isn't that what I said? The whole "expectation" vs. "reality" thing?