What is the name of your state (only U.S. law)? South Carolina
My father passed away without leaving a will so me and my brother opened an estate and became his personal representatives. We are not at the stage of transferrring assests. the assests include one house in ny with not mortgage aproximate value 60,000. One condo In S.C no mortagage aprox value 100,000. And one house in S.C with a 160,000 mortgage and with the current market the value of the house may actually be less than what is owed. Is there anmy way for me and my brother to protect ourselves in the trasfer. The house with the mortgage seems a huge liability. Is there any way to not accept responsibility for just that piece of property. If we do accept the transfer, does the mortgage automatically become ours, and attach to our credit? what are the options? thank you.
My father passed away without leaving a will so me and my brother opened an estate and became his personal representatives. We are not at the stage of transferrring assests. the assests include one house in ny with not mortgage aproximate value 60,000. One condo In S.C no mortagage aprox value 100,000. And one house in S.C with a 160,000 mortgage and with the current market the value of the house may actually be less than what is owed. Is there anmy way for me and my brother to protect ourselves in the trasfer. The house with the mortgage seems a huge liability. Is there any way to not accept responsibility for just that piece of property. If we do accept the transfer, does the mortgage automatically become ours, and attach to our credit? what are the options? thank you.