Who is responsible for a mortgage when the borrower dies?

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Who is responsible for a mortgage when the borrower dies?

My 86 year-old mother has a 30 year loan on house. If she were to pass-away, are my siblingsor I responsible for balance if loan is underwater?

Asked on November 1, 2010 under Real Estate Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, you are not.  Her estate is responsible for the balance on the mortgage.  Is there a Will?  Is someone named as Executor?  Whether yes or no someone needs to be appointed as the personal representative of the estate to take care of the legal aspects.  It is possible for an estate to file for bankruptcy.  It is hard to tell what is the thing to do here without looking at the whole picture of what is in her estate.  You have to be worried about a deficiency judgement against other assets.  So I would go and get some legal consultation here. A little advice before hand is a good way to plan ahead.  This was a good start.  Good luck.


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