How is each heir's share calculated with a mortgage? | NC

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Q: How is the value of each heir's share calculated when the house still has a mortgage and may be facing foreclosure? A: Usually, each heir's share is based on the home's net equity — not the full market value. That means you start with the home's fair market value, then subtract the mortgage payoff, any past-due amounts needed to stop foreclosure, sale or closing costs, and any valid liens.…