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- nNewly discovered assets-- need answers ASAP


ferdilverdil
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My father passed away a year ago leaving behind 4 credit cards with balances. The accounts are all in the hands of CA's who have been hounding my mother for the debt although she was only an AU, so we were fighting them based on that and the fact that there was no money left to pay this debt, and no estate, or so we thought...

I just found out that my father owned some land out of state, but he had let the taxes go deliquent many many years ago (1986). It turns out a tax lien was bought in 88 at the county's tax lien sale. The investors could foreclose after 3 years which they never did, although I just found out from the county's treasurer's office they are in the process of doing so now.

If we want to save the property from being foreclosed on we have to send the county a check and an affidavit of redemption BEFORE the judge signs the judgment. We don't have much time to act here.

If we do that, and bring the taxes current and pay off the lien holder (actually the county pays off the lien holder from the payment we would send in), then the CA's or OC's would have assets of my father's to go after.

IF we just keep paying the taxes and don't transfer ownership of the property until the SOL is up what are the chances this property might be discovered? And which state's SOL do we go by for the debt? Where my father lived? Or where the land he owns is?

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Send a certified copy of the death certificate to the bureaus ASAP. They will close out the file. Then at that point, you won't have to worry about his credit.

Then send a copy of the death certificate to all of his creditors (if probate closed then too bad for them) letting them know that there are no assets in the estate and any collection attempts would not be appreciated.

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First, if you mother was only an authorized user on the account(s) then as far as I know, she cannot be held liable for the charges so I don't understand on what basis she is being sued or how these collectors could get judgments against her??? No one is responsible for your father's debts except your father (and his estate).

That said, I seriously recomend you retain an attorney...this is not a simple issue.

For one thing, before you do much you need to know what this property is actually worth before you have any idea if it's worth doing anything at all...you are not obligated to salvage this land or "find" assets for your father's estate and/or to pay his outstanding debt.

I also seriously warn you not to do anything that could be construed as "hiding" assets...that can put you and your mother in world of hurt that you DO NOT want to live in.

If this property is worth enough to be worth the effort and expense of saving and if your father truly owes some/all of these debts then frankly, the debts should be paid...and if by chance your mohter can be held liable for any of these debts, as unliekly as that seems to me, then she may need this asset in order to help her pay any judgments.

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You do need to speak to an attorney. I assume your father's estate was not probated because no one knew of this property. Probate is how creditors get paid from an estate, as they must make a claim against the estate in order to get paid. There IS a time limit for making a claim, it varies by state but the longest I've seen is 1 year.

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This land isn't worth anywhere near that $60k, unfortunately.

The property in AZ, from what an area realtor said, would list at $10k-13k each, but would most likely sell for less. In this market wouldn't sell now, maybe a year or so he thought.

Another realtor offered to pay off the lien + $500 if we werent interested in redeeming the property.

Decided to go ahead and try to save the land, sent a check out yesterday.

Guess we'll wait a bit before consulting a lawyer, not in a rush now to transfer ownership. As long as the property is safe.

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I would have taken it.. if you still want to sell let me know.

This land isn't worth anywhere near that $60k, unfortunately.

The property in AZ, from what an area realtor said, would list at $10k-13k each, but would most likely sell for less. In this market wouldn't sell now, maybe a year or so he thought.

Another realtor offered to pay off the lien + $500 if we werent interested in redeeming the property.

Decided to go ahead and try to save the land, sent a check out yesterday.

Guess we'll wait a bit before consulting a lawyer, not in a rush now to transfer ownership. As long as the property is safe.

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