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Mortgage forgiveness upon death of mortgagor

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D

dbalok

Guest
nys - administrator of intestate estate (also son of the deceased) had a mortgage with the deceased. The deceased never filed the mortgage/lien with the county clerk.son paid monthly mortgage payments (per mortgage agrmt) for 5 years until death of the parent. the terms of the mortgage contract were that the loan was to be forgiven upon the death of parent. mortage balance was included in assets of estate and federal and state estate taxes paid on it. son has excluded the mortgage balance from the estate distribution to the heirs claiming that it is not an advancement against his share of the remaining estate since the parent did not mention that in the mortgage agrmt specifically. the son is excluding the mortgage balance from the distribution to the heirs and taking his full share of the remaining estate, equal to that of the other heirs. Is this correct or does he need to reduce the mortgage forgiveness from his distribution?

[Edited by dbalok on 06-26-2001 at 09:50 AM]
 



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