If my wife owns a rental home with a mortgage in her name and dies, will I be liable for the mortgage?
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If my wife owns a rental home with a mortgage in her name and dies, will I be liable for the mortgage?
We live in a commumity property state.
Asked on October 5, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country, if your spouse dies owning the rental home that you have written about where the mortgage is solely in her name either her estate or the person who inherits the rental will be responsible for servicing the debt load on the property, not you directly.
The only way you would be responsible for servicing the rental's debt load is if she gave such to you in her Will or trust and you took the unit subject to the exisiting mortgage.
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