Posted on: 04th Apr, 2011 08:14 am
upon death of the mortgage holder, who is liable for the balance if those on the quit claim deed are not on the mortgage docs?
Successors aren't legally liable for payment of mortgage debts of a deceased family member, but if there's a desire to retain the home, it would clearly be beneficial to work out a plan for the payment of said mortgage.
Lenders aren't very attentive to the death of a borrower, and if someone simply continued making mortgage payments so as to keep the loan on a current basis, there'd be no interference from the lender's standpoint.
Lenders aren't very attentive to the death of a borrower, and if someone simply continued making mortgage payments so as to keep the loan on a current basis, there'd be no interference from the lender's standpoint.