Shares of estate is being divided into 1/3's, real estate sale was $240,000 but 6% taking off for not using a realtor, so the sale price is $230,000 - the oldest beneficiary bought the house, however under and LLC . In the accounting it said the net profits were $183,000. I asked why so little.. I was unaware of the property having a mortgage, it had a mortgage under an Investment LLC, was never documented as a lien and the same person who bought the house paid themselves back the "unrecorded mortgage" I'm so confused and don't know where to start.. Does this sound fishy?
1 Answer from Attorneys
The existence of the mortgage should have been disclosed in the probate process. I would at least want the probate record to reflect the note and I'd want documentation that the debt is real.