Ask a Lawyer and Get Answers to Your Legal Questions
Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. I'm very sorry to hear about your situation. Generally, when someone dies, their estate should be paying all of the remaining debts. Their estate consists of things like any stocks, bonds, interest in a business, cars, homes, etc. that they have to satisfy their debts. Additionally, when there are two borrowers on the loan, then each bower is going to be independently liable for the loan. Thus, in your case, both you and your mother's estate are going to be liable for paying the loan. However, this doesn't mean that your mother's name will be removed from the loan. You may be responsible for the remaining payment. This means that you will either need to a) have the property go into foreclosure; b) pay off the loan; or c) continue paying on the loan until it is done. If someone managed your mother's estate, you should ask them about having the estate kick in a portion to help pay this housing debt.
.Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.
I understand. You see, everyone has an “estate” after they die. Sometimes, it’s worth $0. Other times, it can be worth millions. Many times, the estate of someone simply means the clothes that they had on when they died.
If this is the case, then the mortgage company is going to hold you liable for the remaining debt. If you try to sell, you may need to get whoever managed the distribution of the property to sign off on behalf of your mother now that she’s passed. Otherwise, you may be able to continue paying on it and eventually sell it and repeat the proceeds of the sale.
Good question. The answer is no. The other sibling will not be held liable unless they were a co-borrower on the loan. Otherwise, they are not going to come after them at all. Did you have any other questions for me?
I'm very sorry for your loss, but the pleasure is all mine here. Further up on the you should see a chance to give me a rating. 5-stars are always appreciated, but it is definitely not required! You can also click here in the future to request me individually. Don’t forget, if you haven’t already, you can always sign up for a membership with Just Answer and start asking more questions on the cheap.