Mortgage after death
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Mortgage after death
Home is heavily mortgaged.
Will leaves it to two children
equally. Tennessee. What
happens after death.
Asked on August 20, 2018 under Estate Planning, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
The remaining balance of the mortgage comes due when the mortgagor (person taking out the mortgage; the parent in this case) dies; therefore, the loan must be paid off (including by refinancing). If the loan is not paid, the lender can foreclose on the home and take it. The children will not personally owe any money--all they can lose is the home. However, if they want to keep the home (whether to live in, rent out, sell, etc.), they will need to arrange to pay the mortgage.
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