Posted on: 07th Jan, 2014 12:37 am
If the mortgage borrower dies and if the house is occupied by the relatives of the deceased, will they be liable for the mortgage payments?
Hi Guest,
If the relatives are not on the mortgage, then they will not be liable for mortgage payments.
Thanks,
Jerry
If the relatives are not on the mortgage, then they will not be liable for mortgage payments.
Thanks,
Jerry
If the mortgage borrower dies, someone inherits the house.
If that person(s) or anyone else continues to make mortgage payments, the lender will probably never know anyone passed away.
If mortgage payments stop, the lender will find out the borrower passed away.
Whoever inherited the porperty will have to notify the lender and work out who pays what and if property needs to be sold to pay off the mortgage or if someone will refinance and pay off the existing mortgage or if the existing mortgage is such that it is assumable
If that person(s) or anyone else continues to make mortgage payments, the lender will probably never know anyone passed away.
If mortgage payments stop, the lender will find out the borrower passed away.
Whoever inherited the porperty will have to notify the lender and work out who pays what and if property needs to be sold to pay off the mortgage or if someone will refinance and pay off the existing mortgage or if the existing mortgage is such that it is assumable
If the relatives of the deceased are there on the loan contract, then they will not be liable to make the mortgage payments.