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Are the children responsible for mortgage payments after the parents have died?
Wiki User
∙ 13y ago
- The parents will have a Will and the 'Estate' meaning the home and any properties which also includes both property and personal taxes along with investments such as a Retirement Funds, etc.; also contents in the house and including vehicles or other items such as boats; farm equipment, etc., is included in the Estate. The Will has to be Probated and the creditors paid off and what is left from that Estate will be divided amongst the heirs listed in the parent's Will. If the Estate is large enough the mortgage will be paid off as well as any other debts and what is left will go to the heirs. The children of the parents if listed in the Will can also sell the house and pay off the mortgage or one or more of the children can take over the mortgage by either living in the house or renting it out.
Wiki User
∙ 13y ago
Wiki User
∙ 13y ago- If you do not have a Will you should have one made up along with a Living Will (this lets others know whether to resuscitate you or not) and money for a funeral put aside or you can pay for it beforehand. After a death whatever properties; contents; vehicles; stocks and bonds are called an 'Estate.' The Will is then Probated and this is to be sure all personal and other taxes are paid off as well as other debts and after that whatever is left in the Estate will go to the heirs named in the said Will. If there are no properties; few contents or any other monies then no, the children are not liable for your debts unless a said property is also in their name.
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Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Are surviving children in Pennsylvania responsible for paying the mortgage debt of deceased parents?
The children are not directly responsible in Pennsylvania. The estate is responsible to settle all the debts. Until these have been paid, the children are not entitled to receive anything.
In the state of Maryland both parents died there is no will are the surving children responsible for mortgage on the house?
No, the estate is responsible for the mortgage. This sounds like a case for getting the estate set up and get the house sold as quickly as possible.
Are the parents of a male who cannot pay his child support responsible for making the payments?
No, only the biological or legal adoptive parent is financially responsible for the care of their minor child/children.
Who has more responsibility parents to their children or children to their parents?
Parents are completely responsible for their children's wellbeing, so it's parents to children.
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parents!
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Who is responsible for childrens medical bills?
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What Is legal age for parents to be responsible for children in MA?
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