Q: What to list for an underwater mortgage
I am the representative of my brothers estate. I have to file an inventory list of his personal and real property. His house is under water by about 35,000.00. His mortgage is 95182.89.00 and it the SEV is 30800. I know the instructions state that on or after March 28, 2013 the lien amount will be deducted from the value of the real property for purposes of calculating the inventory fee. On the form it says Total Value of Property
(without reduction for lien). Should I list the value of the property as 61,600.00 or should I list it as negative -33582.89?
A: The amount cannot be less than zero. Here (hopefully, it will work) is a link to the Inventory form. http://courts.mi.gov/Administration/SCAO/Forms/courtforms/probate/pc577.pdf
You may have received an outdated version from the Court. The current version shows a place for value and lien balance. Be sure to take the valuation of the property (tax statement as of time of passing) and lien balance with you when you file the inventory. Good luck.
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