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Several Beneficiaries Inherit Mortgaged Property
Several beneficiaries who inherit a property through a will, trust, or deed have the same options for an inherited mortgage as a single beneficiary: they may be able to assume the mortgage, use other funds to pay off the mortgage, refinance it, or sell the property and use the sales proceeds to pay off the…
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One Beneficiary Inherits a Mortgaged Property
A person can leave a property to a beneficiary under the terms of a will or trust, or with the use of a transfer-on-death deed or Lady Bird deed (in those states that permit these deeds to avoid probate). When the home transfers, a mortgage or loan secured by the home also transfers. The person…
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Mortgages and Death
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary, your beneficiary will inherit not only the property but also take the property subject to the outstanding debt. They may take over the mortgage and keep the…
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Garn–St Germain Act: What You Need to Know
It is important to let your estate planning attorney know if you own real estate subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the property, the entire amount of the debt owed is immediately due and payable. Under the Garn–St Germain Depository Institutions Act, lenders are prohibited from…
Category: Mortgage
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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