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When you see this on your doctor or dental statement or bill, what does it mean?
Additional Details
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reflections | Can a son pay his deceased parents mortgage loan? |
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Margarita D
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If your parents are recently deceased, you need to first find out who is the Executor of the Estate. If you are the Executor then you need to notify the bank of this, the insurance agent, etc. since there are certain changes that need to be done for example the homeowners insurance policy will have to be endorsed to read Estate of......c/o your name as Executor. Also if you then make payments as Executor you will be able to have those funds come from the Estate and deduct the interest since you have a legal obligation to pay the mortgage. If your parents died intestate (without a will), I would still pay the mortgage (since you don't want to lose the house in the meantime) but I would also go down to the probate court and file for probate. You can do this yourself and most of the time there are people that work in the probate court that will walk you through the process but they cannot give you legal advise. If your parents left a large or complicated estate it is much wiser to get the advice of an attorney. Usually attorneys will probate an Estate for a percentage. I am not an attorney but I know a little about probate court since my mother's will took almost 4 years to probate. Most of the time I can tell you that it is much better to get an attorney to help you especially if there are numerous heirs since it can develop into a free for all.
Good Luck |
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smokeydeath2004
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I dont see why not. The bank doesn't care who writes the check as long as they receive the payment. It is not illegal to pay someone else's mortgage. |
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littlemall4u
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did they leave it to you in a will or trust?i think you need a lawyer for these questions. |
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mike m
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if you are the only next of kin you should be able to refinance the home in your name it all depends on who thehouse was left to. the bank dose not realy care who pays the note as long as it gets paid |
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ernesto_tig
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You could, but keep in mind it's not your house:
Insurance policies are in your parents names
1098s will be generated with your parents names on them, property tax paid in their name so you get no tax benefits.
You have no control over selling or mortgaging the property because it's not yours.
So short term, no biggie, long term you want to legally move the property to your name so you can do things with it. |
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edg8244
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IF YOUR PARENTS HAD LIFE INSURANCE AS PART OF THEIR MORTGAGE INSURANCE PAYMENT, THEIR DEMISE WOULD PAY OFF THE MORTGAGE. |
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