Posted on: 14th Apr, 2010 03:26 pm
me and my mom are on the deed of house but only my mom is in the loan of the house. She is now 80 years old, what happens to the loan when she passes away?
Hi Guest,
If she passes away, you won't be liable for the loan unless you refinance it. After her death, if you stop the mortgage payments, the lender will simply foreclose the property to recover his dues. However, you won't be liable for the deficient balance resulting from the sale of the property.
If she passes away, you won't be liable for the loan unless you refinance it. After her death, if you stop the mortgage payments, the lender will simply foreclose the property to recover his dues. However, you won't be liable for the deficient balance resulting from the sale of the property.