Foreclosure is a word that we've all been hearing a lot of the past couple of years. Losing your home is dreadful. But even worse than that is losing your life and then losing your home!
It is very common that a decedent's leaves behind a piece of real property that has not been entirely paid off. And this property may be the only asset of any value left in the estate. It is then up to the Personal Representative of the estate to figure out how to pay off that mortgage and how that will affect the administration of the estate.
As the representative of the estate you cannot just assume that the mortgage is forgiven and forgotten just because the decedent has died. Failure to make timely payments to the lender will result in a default and the property can go into foreclosure.
Consult with a professional Estate Administration Lawyer to find out the best way to administer an estate that contains mortgaged real property.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.