What length of time do mortgage companies have to attach a deceased person’s estate to pay off an existing mortgage?

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What length of time do mortgage companies have to attach a deceased person’s estate to pay off an existing mortgage?

A quit claim deed filed 4 years ago shows mother and daughter and daughters partner as owners but only the elderly mother is listed on mortgages. All have resided in same house for 5 years, where daughter and partner have paid both monthly mortgage payments since closing and do not have credit worthyness to acquire new mortgage once the mother dies. When mother dies, what length of time do mortgage companies have to collect against estate?

Asked on April 30, 2012 under Estate Planning, Michigan

Answers:

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

Answered 9 years ago | Contributor

What I think that you are trying to do here is anticipate the future which is really a bit of estate planning.  And I think what you need to do is to speak with an attorney to help.  What you are generally referring to is an acceleration clause in a mortgage where the lender has a right to have the mortgage come due sooner rather than later.   If you inherit the house from your Mother and continue to pay the mortgage the bank can not foreclose on you. The situation is an acception to the acceleration clause. You can keep paying the mortgage until it is paid off. Seek help.  Good luck. 


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