My son is slightly mentally disabled . I am going for risky surgery and If I dont make it my ex gets my son. I would like to leave my son the house but it has a mortgage and I dont think my death benifit and 401K will cover it. I really canot afford a lawyer since divorce broke me, I am having a friend be executor and am going to make a will but I dont know if the mortgage co will let my ex take over the mortgage.What happens to the mortgage when someone dies? we Live in mass.
2007-09-19 07:39:40 · 16 answers · asked by judy k 1 in Business & Finance ➔ Renting & Real Estate
When the lien holder dies, the mortgage becomes the burden of the estate and must be satisfied; if the funds aren't available, they will, if the property is left to an heir, try and arrange financing; if it can't be done, it'll be sold by the estate to cover the outstanding debits. You might have some luck with a trust, but that also requires an atty. Your best hope would be to go with the advise of the atty drawing up the will; he can best suggest how to protect the house for your son, who can't inherit anyway tilll he is 18 and is proven competent.
2007-09-19 07:46:45 · answer #1 · answered by wizjp 7 · 1⤊ 0⤋
The executor of the estate fulfills the wishes of the will - if your ex isnt on the title, and you want the house to be titled in your son's name, the executor will have the title company put the house into your son's name according to your will. However, the mortgage becomes his responsibility.
It may be better to set up a trust for your son - have your death benefits and 401k go to the trust for him, have the executor sell the house if you pass, and the proceeds be routed into the trust as well. When your son becomes of age, he can access the funds of the trust, and then buy his own house.
In order to do this, you will most likely need a trust/estate attorney...
2007-09-19 07:56:45 · answer #2 · answered by Dave O 2 · 0⤊ 0⤋
If you owe money, then whoever has legal custody of the son will sell the home and the proceeds will have to go into a trust for him.
Whoever gets the house will NOT be responsible for keeping up the mortgage payments.
If the mortgage is not paid, the bank forecloses against the estate..
2007-09-19 09:42:54 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Don't die get on a life support until he reaches 18 and live your 401K to him and get a policy that in case of your death your home is paid for, I have that on my home and sure makes you feel better to know the one you love the most gets your home free and clear of debt. Leave him all your savings and money where he can pay the tax and insurance on your home and put a trust fund for that tax and insurance payments to be taken out each year., until he reaches a age that he can pay these things and then let the trust fund go into a trust for him or go to him as he sees fit.
2007-09-19 07:52:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
a family trust
naming him as the beneficiary
with a bank or someone like that being the Executor of the estate that you want your son to have
Go now and get an attorney to draw up the necessary papers
2007-09-19 07:48:27 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Im sorry to here about ur surgury u can get insurance that will pay for any unpaid bills but if u can aford it sounds like to me u need to atleast talk to a lawyer counsalation is free thay can give u the right advise hope everything goes right for u GODBLESS
2007-09-19 07:55:18 · answer #6 · answered by ? 2 · 0⤊ 0⤋
Write a will. You should sign it and have it notarized. The mortgage makes no difference. Your son would have to take over the mortgage payments if you die and the home isn't paid off.
2007-09-19 07:47:43 · answer #7 · answered by river85715 3 · 0⤊ 1⤋
There should be some type of insurance that pays your house off if you die or you can get a supplemental life policy.
You should however be positive about the operation no matter what. What is the surgery?
2007-09-19 07:45:38 · answer #8 · answered by m_c_m_a_n 4 · 0⤊ 0⤋
you can leave it to hime through a will, and if you wre to pass before the mortgage was paid in full, the house would be sold, the mortgage paid, and the remaining would be left to your son.
2007-09-19 07:44:03 · answer #9 · answered by day-nuh 3 · 0⤊ 0⤋
The house gets sold and the profit goes into a trust for him.
2007-09-19 07:43:32 · answer #10 · answered by Roland'sMommy 6 · 1⤊ 0⤋