QUESTION
Liability of Administrator in foreclosuree proceeding
Asked on Aug 29th, 2013 on Wills and Probate - New York
More details to this question:
My father passed away with no will in NY. There is only one asset which is the house. There are 6 children. By agreement, I was appointed Administraor of his Estate by the Court. We could not keep up with the mortgage payments and the bank has now started a foreclosure. We are trying to sell the house since we think there is some equity. But if we don't find a buyer and the foreclosure goes to the end. Am I personally liable if there are insufficent monies at foreclosure to pay off bank? I was named in the foreclosure proceeding as the Administrator of the Estate
1 ANSWER
Matrimonial Law Attorney serving New York, NY
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You would not be personally liable, unless, and that is a possibility here, you acted irresponsibly in connection with your role as Administrator. That would require a review of the acts that you undertook in this matter once appointed.
Gerry Wendrovsky, Esq.- Upper West Side Estates Lawyer
www.upperwestsidelawyer.com
Answered on Sep 10th, 2013 at 4:20 PM