How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 101324
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Legal Question Here...
Ely is online now
A new question is answered every 9 seconds

If your home is not paid for at the time of your death -will

This answer was rated:

If your home is not paid for at the time of your death -will you be able to leave your money to other parties? Should should leave a will with assets under 100k and an unpaid mortgage?
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

1) What happens at one's death if there is still a mortgage is that this mortgage accelerates, meaning that it becomes due immediately. As such, the estate's representative may then: (a) pay it and then give the home to the beneficiaries of the estate, or (b) not pay, and allow the lender to foreclose on the home.

2) If there is no probate held, then a major creditor may force a probate matter. Technically, a lender may force a probate. However, the lender is more likely to simply foreclose on the home and call it the end for that matter.

3) As such, it is best to leave in one's Will the instructions of whether one wants to (a) have the estate pay for the home and pass the home on, or (b) not pay for the home and simply give the home back to the lender.

4) Now technically, if someone gets the home foreclosed upon, the lender can attack the estate after the foreclosure for the deficiency, which is the difference between the money that was owed and what the foreclosure sale brought. If so, then money LEFT in the estate may be attacked. However, many lenders generally do not pursue deficiency judgments against estates, as it gets very complicated and the litigation cost is not worth the return.

I hope this helps and clarifies. Good luck.

Please note: I aim to give you genuine information and not necessarily to tell you only what you wish to hear. Please, rate me on the quality of my information and do not punish me for my honesty. I understand that hearing things less than optimal is not easy, and I empathize.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then submit, as this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. (You may always ask follow ups at no charge after rating.)
Ely and 3 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

The second question regarding the total assets and having a will?

Carol,

My apologies. I got so much into explaining the whole situation I did not specifically answer the second question. Please, allow me to remedy this now.

The second question regarding the total assets and having a will?

It is recommended to ask the executor of one's estate to pay off the creditors. Regardless, it is always BEST to leave a will, because if one does not, the payments shall be divided based on default statutes of succession - here - and may not be what you want.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.

Related Legal Questions