wizjp
|
When the lien holder dies, the mortgage becomes the burden of the estate and must be satisfied; if the funds aren't available, they will, if the property is left to an heir, try and arrange financing; if it can't be done, it'll be sold by the estate to cover the outstanding debits. You might have some luck with a trust, but that also requires an atty. Your best hope would be to go with the advise of the atty drawing up the will; he can best suggest how to protect the house for your son, who can't inherit anyway tilll he is 18 and is proven competent. |
|
caretaker
 |
a family trust
naming him as the beneficiary
with a bank or someone like that being the Executor of the estate that you want your son to have
Go now and get an attorney to draw up the necessary papers |
|
connie sue
|
make a trust fund for him |
|
I_Love_McRedneck
|
The house gets sold and the profit goes into a trust for him. |
|
c20_6929
 |
get a power of attorney, a friend or relative till hes old enough. and draw it up in your will.see a lawyer. |
|
Expert Realtor
 |
If you owe money, then whoever has legal custody of the son will sell the home and the proceeds will have to go into a trust for him.
Whoever gets the house will NOT be responsible for keeping up the mortgage payments.
If the mortgage is not paid, the bank forecloses against the estate.. |
|
Paulette
|
Put it into an revocable trust. But see a lawyer. You need one. |
|
Nicki
 |
Don't die get on a life support until he reaches 18 and live your 401K to him and get a policy that in case of your death your home is paid for, I have that on my home and sure makes you feel better to know the one you love the most gets your home free and clear of debt. Leave him all your savings and money where he can pay the tax and insurance on your home and put a trust fund for that tax and insurance payments to be taken out each year., until he reaches a age that he can pay these things and then let the trust fund go into a trust for him or go to him as he sees fit. |
|
dayna
|
you can leave it to hime through a will, and if you wre to pass before the mortgage was paid in full, the house would be sold, the mortgage paid, and the remaining would be left to your son. |
|
Dave O
 |
The executor of the estate fulfills the wishes of the will - if your ex isnt on the title, and you want the house to be titled in your son's name, the executor will have the title company put the house into your son's name according to your will. However, the mortgage becomes his responsibility.
It may be better to set up a trust for your son - have your death benefits and 401k go to the trust for him, have the executor sell the house if you pass, and the proceeds be routed into the trust as well. When your son becomes of age, he can access the funds of the trust, and then buy his own house.
In order to do this, you will most likely need a trust/estate attorney... |
|
m_c_m_a_n
 |
There should be some type of insurance that pays your house off if you die or you can get a supplemental life policy.
You should however be positive about the operation no matter what. What is the surgery? |
|
nick k
|
Get morgage insurance so that would pay off the house and make sure you've got a will. |
|
river85715
|
Write a will. You should sign it and have it notarized. The mortgage makes no difference. Your son would have to take over the mortgage payments if you die and the home isn't paid off. |
|
harleygirl
|
CALL YOUR MORTAGE COMPANY,I BELIEVE YOUR HOME OWNER INSURANCE TAKES CARE OF THAT.. |
|
mathieu s
 |
pay the death benefits 2 your morgage so u can leave him the house |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
