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Old 08-27-2009, 02:11 AM
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Default As executor of an estate does a foreclosure hurt

credit? My mother passed away 3 years ago. My brother is executor of the estate and has YET to be able to sell her condo OR distribute the $26,000 in mutual funds that she left us to split equally. Due to market conditions, there is no way we'd be able to break even selling her condo, so he's going to let it foreclose (he just stopped paying it about 3 months ago). For the last 2 years, he's been paying the mortgage out of his own pocket. He used her cash reserves for the first year. I am wondering: (1) will the foreclosure hurt his credit (or mine)? Neither the mortgage or title is in his name, but he is the executor of the estate.(2) will the bank come after the mutual funds. If so, what if he split the mutual funds and we cashed them out right now, before the actual foreclosure happens.Thanks!But if estate accounts are liquidated, meaning we already cashed out the mutual funds and the money is no longer in her estate, there would be nothing for the bank to go after, right?Oh, and no, my brother will NOT be getting repaid via her mutual fund money for the mortgage payments he paid out of his own pocket, as it was his own procrastination and irresponsibility that caused this situation. He didn't put the property on the market until about 7 months ago! A FULL 2.5 YEARS AFTER HER DEATH!
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