real estate


Question by  iowaguy1953yahoocom (15)

What should I do if I inherited a house that is not paid for?

Am I responsible for the mortgage?


Answer by  flamiss22 (5081)

The fact that you inherited the house does not mean you have to accept it. Only after you have accepted it formally then it becomes your responsibility. Check to make sure the former owner did not indeed have some mortgage insurance that pays it off. If not if there is lots of equity you may want to sell it


Answer by  Chaneygirl (1755)

That depends on the language of the will, among other things. If the will states you own it free and clear, other assets in the estate will be used to pay the mortgage first. Laws differ by state if the the will is silent to this situtation.


Answer by  Gus28 (683)

If you inherit a house with a mortgage, you are responsible for the mortgage. Also, you can refuse a bequest in a will. This requires a written disclaimer. Check with your attorney or state to see what they require in a disclaimer. Most, if not all, states require the disclaimer to be filed within 9 months from the decedent's death.


Answer by  epglaw (553)

You are not responsible to pay the mortgage but the mortgage company is still entitled to be paid from the proceeds of the estate so that title can pass to you. You can also elect to have the house sold, and then pay off the mortgage and keep the proceeds from the sale for yourself.

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