Legal Question in Wills and Trusts in Maryland
I am administering my deceased brother's estate. He lived in Maryland. His estate has very little disposable cash. I am haiving difficulty selling his house which is mortgaged. If the proceeds of the sale of the house do not cover the amount of the mortgage does that mean I receive no fee?
1 Answer from Attorneys
The law specifies who gets paid with an insolvent estate and the priority of payments. Not all debts are treated equal, but generally speaking personal representatives commissions come before debts of the decedent.
That being said, the mortgage company holds a lien against the property and thus they will need to be paid at or before sale. In fact, you will not be able to sell the property or convey marketable title unless the lien (mortgage) is paid or the lender agrees to accept less than is owed (a short sale).
You may want to consult with an estate attorney to get some help in administering this estate.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
