parent has passed away. they left me there home. and there is a morgatage on the home
2007-04-11 13:24:57 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I assume you are saying you are the executor for the estate. The mortgage on the house is a debit that is the responsbility of the estate. It has to be paid off from the assets of the estate; the house is an asset. You either have to refi or sell it to pay off the mortgage unless there are enough assets left to do so. Sooulds like you need to talk to an atty.
2007-04-11 13:32:45 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
I would read the mortgage document and consult a lawyer familiar with the law in your jurisdiction. Although many things may seem logical in this realm, it is the law and the contract (mortgage) that will determine the answer.
In my uninformed mind, I would expect that you would have to refinance, since the mortgage is a contract between the deceased and the bank. The deceased can not honor the contract, and the bank's interest is in having a contract that can be honored.
Again, start by reading the mortgage and consulting with a local attorney familiar with the relevant law.
2007-04-11 13:31:25 · answer #2 · answered by Carl M 3 · 0⤊ 0⤋
YES...
LOAN SHOULD BE PUT IN A LIVING PERSONS NAME--ALSO FOR INSURANCE REASON.
IF YOU DON'T-THEY CAN CALL IN LOAN....
2007-04-11 13:32:31 · answer #3 · answered by cork 7 · 0⤊ 1⤋