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If my parents die and leave me their house – Mortgage?
If my parents die and leave me their house
ETC… AND a car too !!!!!
Do I need to get a mortgage on my own
ETC… AND a car too !!!!!
TO; Blazzee and The other wad who answered
Each It and I
I will just report you to the Yahoo Answers people for irrelavent answers
They don’y have Mortgage insurance
and not much life insurance
...asked on October 16th, 2011 @ 2:00 pm in Loan - Home
As long as you keep paying the mortgage on time, you won’t have a problem keeping it in your parents name. This works when you are renting too.
...answered by Trixi on October 16, 2011 @ 2:01 pm
If your parents have a life insurance policy the policy will hopefully cover the mortgage and funeral costs. I would ask your parents what is their plan if something does happened to them. What steps are they taking if any and who is going to be in charge of making these changes you or your other brothers/sisters.
...answered by Cubs Girl on October 16, 2011 @ 3:00 pm
If the house is not fully paid for, then they can’t just leave it to you. The remaining balance of the mortgage will either have to be assumed by you — if you qualify — or the house will need to be sold to settle their remaining debt to the mortgage company.
...answered by rtfm on October 16, 2011 @ 3:03 pm
If they own the house you won’t. If they’re still paying the mortgage, that will be your responsibility, but as someone sad, life insurance should hopefully cover it.
You also split ownership with any other siblings or family they may have chosen to leave the house to. Then you must settle amongst yourself how that is going down, and trust me, tread lightly, family can easily turn into savages and eat their young when it comes to money.
...answered by pm11213 on October 16, 2011 @ 3:17 pm
You need to sit down with your parents and discuss all this. They might possibly have a type of insurance that pays off the mortgage and other debts in case of death. That is something you need to know about in advance so your not stressing out when that time comes.
...answered by Gertie on October 16, 2011 @ 3:18 pm