Last summer, my stepmother in law passed and left my hubby a portion (about 20%) of the family land. His stepbrother gets the other 80% and the house. There is still a lein/mortgage on the house, stepbrother is currently paying this. THe will has not been filed; stepbrother, for his own reasons and under advice of his attny, do not plan to probate the will anytime soon.
Upon filing, our attny did some backward math to help us with the exemption. Property value - mortgage= equity. Equity/20% = my husband's vested interest. We exempted that amount on our schedules.
So the trustee and the attnys working for him are asking again for the value of the property. It's never been clear if they want the % value for what the inheritance is for, or the whole property. No one seems to care about the note anymore, and if stepbrother stops paying, there is NO inheritance.
Thoughts? We've provided a CMA early on, but again, no one asked for a copy of the note from the mortgage company. What happens if we pay to the BK court for the property and the loan is defaulted and we get nothing? Will we have paid and have nothing to show for it? Since the bank still owns the property, I just can't understand completely why this is such a big issue and no one cares about what is owed.
Upon filing, our attny did some backward math to help us with the exemption. Property value - mortgage= equity. Equity/20% = my husband's vested interest. We exempted that amount on our schedules.
So the trustee and the attnys working for him are asking again for the value of the property. It's never been clear if they want the % value for what the inheritance is for, or the whole property. No one seems to care about the note anymore, and if stepbrother stops paying, there is NO inheritance.
Thoughts? We've provided a CMA early on, but again, no one asked for a copy of the note from the mortgage company. What happens if we pay to the BK court for the property and the loan is defaulted and we get nothing? Will we have paid and have nothing to show for it? Since the bank still owns the property, I just can't understand completely why this is such a big issue and no one cares about what is owed.