What happens if out-of-state property is worth less than the debt? | NC

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Q: What happens if a deceased person's out-of-state property is worth less than the debt secured against it? A: Usually, the estate should not expect to receive value from that property. If the property is sold, the sale money generally goes first to sale costs, then certain taxes or assessments, and then to the lender with the mortgage or deed of trust. Only a real surplus comes back to the…