Who Is Responsible For Mortgage Of Deceased

Who Is Responsible For Mortgage Of Deceased

Who is responsible for mortgage of deceased

Many people wonder about the title to their home in the case of a mortgage foreclosure, who is responsible for mortgage of the deceased. Often a mortgage note lists the name of the lender on the deed and sometimes it does not. If your lender does not list your mortgage note, then it is up to you to find out who is responsible for mortgage of deceased. The easiest way to find out who is responsible is to ask the mortgage company for proof that they hold the mortgage. Sometimes they can say it is an “assumed name” which means they don’t know or that it will be transferred to their surviving spouse if you die. This assumes that the lender has kept proper records. In many cases this is not true. A mortgage company may not know who the mortgage was signed for, or who the person died. In those situations it is wise to hire a lawyer to review the mortgage and make sure it was a valid signature.

Who Is Responsible For Mortgage Of Deceased If Married

Another question is what happens to property held by the surviving spouse? They are likely to want to take the property without asking any questions about the mortgage holder. But in the event of a foreclosure, the surviving spouse is entitled to the return of the loaned funds plus interest and penalties. This applies even if there are no proceeds from the sale. The courts will order that the proceeds go to the surviving spouse. A bankruptcy case may also allow this.

If you own property jointly with your spouse, who is responsible for the mortgage? In most cases, this will be the spouse with whom you have the closest ties. It is usually better to get this responsibility in writing so there is a clear line of authority. For example, if you share joint ownership of a business with your spouse, you would want to make sure you specifically authorize each of you to manage the business. Who is responsible for mortgage of deceased? A quick review of probate law should provide the answers. Probate concerns are limited to who is responsible for mortgage of deceased property. There may be special circumstances when an intestate estate is involved; read about these situations as well.

What do you think? Will you or your spouse be the primary caregiver? Would you be willing to shoulder some of the responsibility? Is there a way to avoid having to shoulder some of the responsibility?

Related Article: Can A Bank Foreclose On A House In Probate

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