mother died, house was mortgaged. no will, deed transferred to next of kin, estate closed. Does that person have to pay the rest of the mortgage?

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mother died, house was mortgaged. no will, deed transferred to next of kin, estate closed. Does that person have to pay the rest of the mortgage?

mother died, house was mortgaged. no will, deed transferred to next of kin,
estate closed. Does that person have to pay the rest of the mortgage?

Asked on August 20, 2019 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

If the person who inherited the home wants to keep it, they must pay the mortgage. While the mortgage loan was a personal debt of the mortgagor (the person taking out the mortgage), the mortgage itself--the security interest--is on the house and does not end when the mortgagor dies. The person who inherited the home does not personally owe the money, but the mortgage came due when the mortgagor died and if not paid, the mortgagee (the bank or lender) can foreclose on the home and take it. So if the kin who inherited the house doesn't care about it, he or she can ignore the mortgage and let the bank foreclose--he or she will not personally owe the money and it will not impact his or her credit; but if he or she wants to keep the home, they have to pay the loan off.


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