If you were left a house do you have to pay mortgage?
If a family member has left you a house will you still have to pay mortgage?
- ?Lv 52 months ago
If there is still money owing, on the mortgage, then this must be paid in full or re-financed before you can move in.
- Ron AkiaLv 72 months ago
When you're left a house, the mortgage does not go away. If you don't pay it the finance company or bank will file for foreclosure.
- 2 months ago
In the event that there is an exsisting morage on it YES!, If there is passing protection included then NO! In the event that it is paid off, again NO! Everything relies upon the terms on the off chance that one is as of now set up and there is no protection coving the demise, at that point there could be one!
- zipperLv 72 months ago
If there is an exsisting morage on it YES!, If there is death insurance involved then NO! If it is paid off, again NO! It all depends on the terms if one is already in place and there is no insurance coving the death, then there very well could be one!
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- Christin KLv 72 months ago
The mortgage goes with the house. Yes, you will be expected to pay it.
- antoniusLv 72 months ago
A family member willed a house to you, but any money owed on that property is your responsibility to pay off. You surely do not expect the bank to just hand you a clear title on the property and take a loss of several hundred or thousands of dollars. Any amount owed on inherited property is the responsibility of the inheritor.
- ?Lv 62 months ago
no the estate has to pay , you get whats left over , less any money owed on the property , after all then bank owns it ..
- JudyLv 72 months ago
If they had a mortgage on it, of course you do.
- ?Lv 72 months ago
If the house was not paid for when the owner died, then yes. Ownership cannot be transferred without also taking over the mortgage.
- curtisports2Lv 72 months ago
You cannot be given things that carry indebtedness unless you agree to assume the debt. There is a law that allows close family members to assume mortgages without approval of the lender. If you cannot afford the payments or do not want the payments, then you will not get the property. You will get any equity in the property after it is sold (equity = sale price minus debt payoff minus expenses of the sale).