Powers of executor?

[swebb29]

What is the name of your state? GA
My stepfather's mother died last year and he has been trying to sell her home which is pretty much all of the assets she had. My stepfather is the executor of the will and had been paying the mortgage up unitl now. He does not have any money left to pay it each month. Can he borrow against the property as executor?

 

[seniorjudge]

What is the name of your state? GA
My stepfather's mother died last year and he has been trying to sell her home which is pretty much all of the assets she had. My stepfather is the executor of the will and had been paying the mortgage up unitl now. He does not have any money left to pay it each month. Can he borrow against the property as executor?

Who are step grammy's heirs? (I.e., did she leave husband, father, mother, son, daughter, sister, brother?)

 

[swebb29]

Well there is two other sons but they said they do not have any money to put toward it. Her will divides the property 40-40-20 when it is sold.

 

[seniorjudge]

Well there is two other sons but they said they do not have any money to put toward it. Her will divides the property 40-40-20 when it is sold.

Pa's options are:

1. Sell the place and put the proceeds in the registry of the court to be paid out in the ratio above;

or

B. Let the place be foreclosed.



I can't see the court allowing pa to further encumber (and lower the value of) a piece of property. I am assuming pa has been paying out the estate's funds.

In any event, he needs to talk to his lawyer who will ask the judge for direction.

 

[swebb29]

Wow that sucks! Yes, he has been paying on it with what was left in her bank account which wasn't that much. Now that it is gone he can't afford to keep up the mortgage each month. They thought it would have sold by now. It has been on the market for about 7 months.They have lowered the price several times. So if he can't come up with the money each month it will have to get forclosed on. Ouch!