I need help closing out my mothers estate. I have settled all outstanding debts and done taxes ( I am a CPA). Only a condo remains with a mortgage on it that I rent out and would like to keep. Since I am the only daughter I understand by NJ law I can have an attorney quit- claim the deed over to me and close out the estate paper work. This way I can keep the current mortgage on the condo. I was planning on doing my own title search. Attorney would also have to file Refunding Bond and notify mortgage company of change in title. Need and attorney and price to do work.
There is not the way this matter has to be handled, or you will invoke the mortgage's due on sale clause. You need to retain an experienced mortgage foreclosure defense and probate attorney. Mortgages are NOT assignable and trying to do your own title work is a recipe for disaster and will not be accepted by anyone. This is a great deal more complicated than you realize. Do not let geographic restrictions interfere with your choice of an attorney. You need to pick the best lawyer you can find and remember one rule: a good lawyer is generally never cheap, and a cheap lawyer is generally never good so don't choose based on price.
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The estate can deed the condo to you. Under federal law, the lender cannot foreclose because of a deed from an estate to a beneficiary. You will want an attorney to do the deed and search. As a former deed dog (title examiner), I can tell you that a title search can be difficult, tricky and time-consuming. The fees should be around $300 to $500 for a search and deed. Make sure you hire a lawyer with experience in title exams and probate law.
Please note this is to be considered general advice and not legal advice about any particular situation. The answering of any question does not create an attorney client relationship and does not make the answer specific legal advice. I am an attorney admitted to the practice of law in the state of Georgia. Â
This is a relatively simple transaction that an experience estate administration attorney can handle. You will need to do a title search and comply with the bank's policies, but an attorney can handle this for you.
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