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Are the surviving adult children responsible for paying off the debts of the deceased - including a mortgage - when there is no estate?
Wiki User
∙ 19y ago
If the decedent owned real estate then there is an estate. The estate is responsible for paying debts before any property can be distributed to the heirs. If the assets are not sufficient to pay the debts then the estate is insolvent. There is a statutory order by which debts must be paid in that case.
If the children want to keep the house then they must pay off the mortgage. If not then the bank will take possession of the property by foreclosure. The children are not personally responsible for any debts unless they co-signed or agreed to be responsible.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoIf the decedent owned real estate then there is an estate asset. The estate is responsible for paying debts before any property can be distributed to the heirs. If the assets are not sufficient to pay the debts then the estate is insolvent. There is a statutory order by which debts must be paid in that case.
If the children want to keep the house then they must pay off the mortgage. If not then the bank will take possession of the property by foreclosure. The children are not personally responsible for any debts unless they co-signed or agreed to be responsible.
Wiki User
∙ 8y agoThe children are not personally responsible. The property will have to be sold. This allows the mortgage to be cleared and the debts paid before the family will get anything.
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