If I die can my son take over the remaining mortgage debt on my home or will the bank sell my home?
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If I die can my son take over the remaining mortgage debt on my home or will the bank sell my home?
I have only 6 years left on paying my home.
Asked on July 20, 2011 Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If he inherits your home or is already on the deed, then in a situation such as this your son can continue making the payments. That is unless the mortgage has an "acceleration clause" that is triggered by the death of the owner; that is a provision that allows the lender to demand immediate payment in full of the remaining balance of the mortgage loan on the mortgagor's death. However this type clause is rare. So unless this clause applies (read your mortgage documents), the lender is required to continue to accept monthly payments until the maturity date.
As you can see this is of benefit for the person who is inheriting; they do not have to go through the lender's application process and prove that he or she qualifies for a mortgage.
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