Are surviving children responsible for Mortgages?. In most cases, children are not obligated to pay a deceased parent’s debt. However, if the child wishes to keep a home with a mortgage, the child.
The Chapter 13 bankruptcy will stop the foreclosure, get caught up on the arrears, and as long as you maintain the mortgage payments thereafter: keep the home. This is assuming, of course, that the other debts of the estate have been paid OR the estate is not being forced to sell the home to pay your deceased parent’s other creditors.
It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the loan and the home for life.
When a home transfers from a deceased person to an heir and there is still an outstanding loan on the property, there can be significant consequences if the heir is not able to add his or her name to the mortgage.. from a spouse or parent. Foreclosure: Both my parents died, leaving a house.
The house in my deceased parents estate is in foreclosure in. – The house in my deceased parents estate is in foreclosure in St. Petersburg,FL The mortgage is held by Bank of America – Answered by a verified Estate Lawyer.. We have a buyer for my deceased parents home and found 14 judgments.
The decedent being the sole owner, who died without a will, of the real estate means that a related party, a Spouse, a Child, Mother, Father, all being related parties, could file a petition in the probate court in the decedent’s county of residence and ask to be appointed as personal representative (PR) of the decedent’s estate.
Inherited Deceased Parent’s Home (mortgage underwater. – To answer some of your questions, if your mom’s home has only one lien on it, you should approach the lien holder about a Deed in Lieu of Foreclosure..ie convey the deed over the bank so they don’t have to go thru the legal foreclosure process.
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