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  1. #1
    Join Date
    Sep 2011
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    Default Options to Consider if the Only "Asset" in an Estate Involves an Upside Down Mortgage

    My question involves estate proceedings in the state of: South Carolina

    My mother-in-law just passed away and I am the executer of her will; my children are the beneficiaries. As far as I have been able to discover, her estate involves a great deal of debt, which includes real estate which I assume would be appraised at a value far below what is outstanding on her mortgage. What options, if any, should I consider in dealing with this mess? (BTW, sadly, her property in currently uninhabitable and very deteriorated and there is no money in the estate to "fix" any of this).

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Options to Consider if the Only "Asset" in an Estate Involves an Upside Down Mort

    If the only asset is the house, and the house is worth less than the mortgage, you can discuss the situation with the bank; I expect they'll suggest that the estate convey the house to them so as to avoid a foreclosure. (I assume nobody in your family wants to inherit a house subject to a mortgage that exceeds its value.)

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