If a person dies and has a mortgage on their property, what happens to the mortgage?
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If a person dies and has a mortgage on their property, what happens to the mortgage?
Mother passed away and had a Will. She left house to her 5 adult children. Now, 3 of them want to continue living in the house and can pay the mortgage. None of them are not able to get a mortgage. Will bank force them to get out?
Asked on July 30, 2012 under Real Estate Law, New Jersey
Answers:
John Ducey / Law Offices of John G. Ducey,PC
Answered 11 years ago | Contributor
What do the other 2 think? If they want their money for the house the 3 will have to buy them out. Are there enough other assets to pay off the mortgage? Was there life insurance to cover the mortgage?
John Ducey
732-458-5600
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