What to do if my brothers and sister inherited a home with a transfer on death deed?

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What to do if my brothers and sister inherited a home with a transfer on death deed?

The home has a mortgage owned by one of my brothers and with the discounted home value is now upside down. What are our responsibilities with regard to the mortgage and how can we sell the property?

Asked on December 7, 2012 under Real Estate Law, Wisconsin

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am so sorry for your loss.  A Transfer on Death deed allows you to avoid probate on property.  What do you mean when you say that your brother "owns" the mortgage?  Does he hold the mortgage like he was the bank or is he the one whose name is listed on the mortgage with the bank?  If the mortgage is under water and you wish to do a short sale then you need the consent of the lender and a waiver of deficiency - the money owned minus the sale price - to move forward.  All parties would have to consent.  Seek legal help.  Good luck.


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