Transfering Property

[SEMAJ]

What is the name of your state? Illinois In Illinois a small estate of fifty thousand dollars or less can avoid probate court proceedings. In my case my father died without a will leaving an estate of property only, with a remaining mortgage of less than fifty thousand dollars, however the current fair market value of the property exceeds a hundred thousand dollars. Legally is it possible to transfer this property to me through this small estate proceeding by refinancing this property for the remaining mortgage, or will the fair market value of the property cause me to have to go through probate proceedings because the property value is over the fifty thousand dollar limit.

 

[oberauerdorf]

Are there any other heirs?

 

[SEMAJ]

Transfering Property

No Other Heirs

 

[oberauerdorf]

Then it should be a simple process but you should consult a probate attorney asap. You will still have to file based on the current value of the estate (the house value NOT what is owed) but without other heirs, it's painless

 

[SEMAJ]

Thanks a lot.

 

[Dandy Don]

You will need to contact the mortgage company that still holds the mortgage on this house and discuss with them or your attorney if the company would agree to sell this house and then use part of the sale to pay off the remaining mortgage and giving you a profit if there is anything left over.