The house was willed to a beneficiary who will not be approved for a mortgage. She has resided in the home and paid the bills/mortgage for 10yrs but is now having difficulty. The home is going to be transferred to the estate of and we were informed if unable to get a mortgage house needs to be sold. What will happen if she cannot continue paying mortgage? who will be responsible? There is no $ in the estate just a house and $77000 mortgage.
2007-10-23 12:05:58 · 4 answers · asked by executrix 1 in Business & Finance ➔ Renting & Real Estate
The estate. More than likely the house will be sold, the loan will be satisfied (paid off) and the profit of the sale (if there is one) will become part of the estates holdings.
2007-10-23 12:08:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The foreclosure will proceed regardless of who holds control of the estate. The executor of the estate will have to handle the proceedings. Is the executor responsible for the debt? NO. It may be in the executors best interest to pursue selling the home and distributing the proceeds, if any.
2007-10-23 14:07:09 · answer #2 · answered by godged 7 · 0⤊ 0⤋
The house will accrue to the estate of the deceased, and the process of foreclosure, if needed, will occur as if the deceased were still alive. The personal representative of the estate gets to handle whatever is tossed in his direction.
2007-10-23 12:11:31 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
She'll have to sell the house, pay off the mortgage, and keep what's left, if anything.
2007-10-23 12:09:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋