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What happens when someone dies and leaves you a house with a mortgage?

Most commonly, the surviving family who inherited the property makes payments to keep the mortgage current while they make arrangements to sell the home. If, when you die, nobody takes over the mortgage or makes payments, then the mortgage servicer will begin the process of foreclosing on the home.

rocketmortgage.com - Who Is Responsible For A Mortgage After The Borrower Dies?

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Once you’re in contact with the mortgage servicer, you’ll need to decide what you want to do with the house. If there are multiple heirs or you aren’t the executor of the will, this could get complicated, especially if the people involved can’t come to an agreement. We’ll talk about what to do when the situation is fairly straightforward, like an adult child inheriting a deceased parent’s house or a surviving spouse taking over a loan they weren’t originally signed onto. If your situation is more complex or you expect conflict among the heirs, it may be a good idea to speak with a lawyer.

Sell The House

One option is to simply sell the home to pay off the mortgage and distribute any leftover funds from the sale to the heirs as dictated by the will or the laws in your state. If you want to retain the home, you’ll need to work with the servicer to get the mortgage transferred to you. If your finances can’t handle the monthly mortgage payments as the loan is currently set up, you can ask the servicer about loss mitigation options that could help you stay in the home and avoid foreclosure, such as getting a loan modification. If there was a reverse mortgage on the property, the loan amount becomes due after the death of the borrower. If the heir to the home wants to retain the property, they’ll have to pay back the loan. Otherwise, they can sell the home or turn the deed over to the reverse mortgage servicer to satisfy the debt, resulting in reverse mortgage foreclosure.

Refinance The Home

Selling the home is an easy solution when there are multiple heirs and no one wants to retain the property. But what do you do if you want to keep the home, but your co-inheritors don’t?

One option is to simply buy out the other heirs to the property. Of course, not everyone has the funds readily available to do this. A refinance can help free up funds that you can use to buy out the other heirs and assume ownership of the property. Keep in mind, however, that this means all mortgage payments will also be your responsibility.

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