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as executor, the deceased property (valued at $370000) with a outstanding mortgage of $420000, do i need a surety bond for $370000 to transfer ownership to the willed party
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Whether or not you need a bond depends on what the will requires. If the will states you need a bond, then you do need a bond, if it say s you do not, then you do not. The value of the estate doesn't necessarily control. more importantly, if the outstanding amount of the mortgage exceeds the value of the house, you should not transfer the property at all, but instead allow the mortgage holder to do a deed in lieu of foreclosure, unless for some reason the beneficiary of the property wants the property notwhithstanding the mortgage.
Answered on Feb 18th, 2014 at 11:10 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship