Wow! This must be a tough time for you. I am sorry for your loss. In order to avoid also losing the house you will, however, need to act quickly.
The first thing you need to do is call the lender and let them know the situation. If the foreclosure sale is imminent, you need to get a postponement to gain the time to work through the details. You may need to have the attorney or executor handling the estate make the call. However, the sooner you contact the lender who is foreclosing the better your chances are to, at least, postpone if not stop the foreclosure.
Next, you need to get informed. This means speaking with a realtor (who can provide you with an estimate of value of the property and possibly refer you to others that can help), speaking with a lender (who can tell you if you would qualify to refinance the home or otherwise work with the existing mortgage), speaking to a tax advisor (different ways of handling the situation would result in different tax consequences for you) and speaking with an attorney (so you don't make any mistakes that could cost you in the future).
If you need someone to guide you through this process, please feel free to contact me. My vendor relationships encompass all the professionals you will need to speak with to get the answers you need to make an informed a decision. I am here to help, if you need help. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty