What is the law on regarding probate and mortgages?

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What is the law on regarding probate and mortgages?

My mom passed away 2 months ago. She owned a property worth about 60K with and outstanding mortgage of about 38K. We have a possible quick sale of the house for about 55K. The mortgage was in mom’s name only. I am her only living relative. I am being told even though her property is in probate, that I have to make the mortgage payments. I seriously have no money. I had to borrow just to cremate her. What to do?

Asked on April 18, 2012 under Estate Planning, New York

Answers:

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

Answered 9 years ago | Contributor

I am so sorry for your loss and for the situation. It is the obligation of the persoanl reporesentative of the estate - the administrator or executor - to pay the obligations of the decedent during probate.  So yes, the mortgage would need to be paid.  Otherwise the lender could indeed begin foreclosure proceedings.  With the sale of the house imminent is it possible to speak with the bank about it?  How close are you?  If the sale goes through then you have to pay the back fees along with the note which is the evidence of the mortgage debt. Foreclosure can take a long time so move forward as fast as you can here. Good luck.


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