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What happens when the mortgage holder dies and you inherit?
Proper Prior Planning helps when dealing with heirs and mortgages. 
I recently had a call from a past client whose father had died unexpectedly a few weeks ago.  His mother had died nearly ten years ago and my past client is an only child.  He now finds himself as the only heir and the executor to his father's estate.  He wanted some ideas about the value of his dad's condo and what his next steps should be - besides talking to his lawyer! 
His dad had expected to live in the condo for many years to come and to pay off his mortgage  during his retirement. Unfortunately, his life didn't go according to his plan. Even though the homeowner died before paying off the mortgage, the mortgage didn't disappear.  Now my past client had a condo and mortgage to deal with.
Who Is Responsible for Mortgage Payments After the Borrower’s Death?
My past client wasn't sure what to do about the mortgage on the property.  I encouraged him to talk to his lawyer about all this but also encouraged him to make sure the mortgage payments were paid promptly going forward. After a homeowner dies, the loan still needs to be repaid. Heirs who ... more

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