If the sum total of the Estate is only $90,000, then you are well under state and federal thresholds for estate tax. There are several other fees you may have to handle - probate fees, capital gains, income tax, all depending on the nature of the assets in the estate. Please consult a qualified...Read more »
It depends on how the land is titled. If there are say 3 people who own property, they can own it as either joint tenants with right of survivorship, or as tenants in common. If the former, the person last alive will own 100% of the property. If the latter, then we would need to open a probate...Read more »
I live in Maryland so I know I would need to go through probate court. Our parents are deceased and she had no children. If granted by the judge would the lender just let me assume the mortgage or would the check my credit and make me refinance. I really want the house to stay in the family but I... Read more »
Actually, you would not need to assume the mortgage. There is a federal law called Garn St. Germain that allows you to retain the property as an inheritance without the lender accelerating the debt under its due on sale clause or performing any other underwriting. Obviously, each estate is fact...Read more »
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