Monday, February 3, 2020 / by Angela Hunter
So you’ve inherited a house with a mortgage and wonder what’s next:
When a homeowner dies before the mortgage is paid off, the debt survives she. It must be paid off by the estate, assumed by another person, refinanced or paid off by the person inheriting it. The details can be complex. But, they don’t have to be.
Check them out below:
Assets, Debt and Death
When someone you love dies, the death can leave a huge hole in your life. But life goes on and the deceased person’s assets and debts don't disappear with them.
If your loved one owned a home and owed a mortgage debt, you may inherit one or both.
In any event, both must be addressed in probate by the executor and the court. Probate is a court-supervised process to deal with the estates of deceased persons.
Estates include all assets and all debts of the person, and the first job of the person in charge, termed the execu4 ...