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    gigim's Avatar
    gigim Posts: 1, Reputation: 1
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    #1

    Nov 23, 2011, 07:33 AM
    What happens to owners home mortgage if owner dies?
    My mother still owes money on her home. She has no will. She has 5 children and none of us can afford to pay the home off. What will happen if she passes away. Will we be responsible for paying the home mortgage off. We live in PA.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Nov 23, 2011, 08:22 AM
    You do not pay the mortgage but you guys could if it was possible. The estate will have to dispose of the property to satisfy the debt.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 23, 2011, 08:31 AM
    The home and all of her money and other possessions go into the estate. The 5 children could agree to make the payments together to keep the home. Or the estate will sell the home to pay off the loan.
    donaldb2's Avatar
    donaldb2 Posts: 1, Reputation: 1
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    #4

    Nov 23, 2011, 02:40 PM
    No not as long as it is not in your name to
    dink_1109's Avatar
    dink_1109 Posts: 1, Reputation: 1
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    #5

    Sep 2, 2012, 12:12 AM
    Fr_Chuck, how do the siblings continue to make payments on the mortgage? I've heard that once the lender finds out that the someone has passed, this is reason to accelerate the loan and demand full payment.

    My sister has cancer and we don't know how long she will last. I live in the family house which was originally in her name and has most recently been put in a trust of both herself and her husband. The mortgage is in her name only and the 2nd mortgage is in her name and her husband's name. What would be the easiest way to take over both mortgages?

    Her husband just wants his name off the 2nd and is willing to let me take over all the payments (I already pay rent anyway). I don't have the best credit so I can't get a loan at the moment.

    Can I just continue to make payments on the mortgages even though they are not in my name?

    Thanks!
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #6

    Sep 24, 2012, 09:39 AM
    Quote Originally Posted by dink_1109 View Post
    ... I've heard that once the lender finds out that the someone has passed, this is reason to accelerate the loan and demand full payment.
    ...
    I will have to review a standard mortgage note but I don't think that is correct.

    Quote Originally Posted by dink_1109 View Post
    ... The mortgage is in her name only and the 2nd mortgage is in her name and her husband's name. What would be the easiest way to take over both mortgages?

    Her husband just wants his name off the 2nd and is willing to let me take over all the payments (I already pay rent anyway). I don't have the best credit so I can't get a loan at the moment.

    Can I just continue to make payments on the mortgages even though they are not in my name?

    ...
    The due-on-sale clause would require the lender's approval for that.
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