2006-08-24 05:37:15 · 6 answers · asked by jormel80 1 in Business & Finance ➔ Renting & Real Estate
If you are single, your estate becomes responsible. Your executor can continue making payments, sell the property to satisfy the debt, or close out the mortgage by giving the property to the lender. (You do have a will, don't you?) If you are married and/or the property is in joint names, I believe the survivor becomes reposinsible for the mortgage. I am not a lawyer. This is just my understanding of the situation.
2006-08-24 05:43:56 · answer #1 · answered by Y Answerer 6 · 0⤊ 0⤋
That sort of depends...most often home owners have insurance policies that pay off there home if they pass...leaving the home to there heirs without a mortgage obligation...if not then the lien holder can repossess the house and sell it or the state can even lay claim to fame on the house...
2006-08-24 05:42:18 · answer #2 · answered by swtsugarbear522 2 · 0⤊ 0⤋
hopefully they have a rider on theire homeowners policy that in the event of death the policy would pay off the note in full and the house would be left free and clear to the heirs. if not, the lender will probably get the house unless you can make the patments til you sell it or refinance it. check with the h/o insurance policy and then with the lender.
2006-08-24 05:41:09 · answer #3 · answered by daniel r 4 · 0⤊ 0⤋
it becomes part of the estate, and whomever inherits that inherits the mortgage. That's why most kids sell their parents homes rather than keeping them-- they dont have the debt, and its easier to split profit than a home or a mortgage.
2006-08-24 05:41:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A sad situation, indeed.
The debt most always goes with the house to whomever it is left to.
2006-08-24 05:48:09 · answer #5 · answered by Jessica C 2 · 0⤊ 0⤋
it all goes to the person that the house is being left to. if there is an estate or life insurance, it is possible to pay it off from that first.
2006-08-24 05:39:46 · answer #6 · answered by michele v 2 · 0⤊ 0⤋