This depends on how the house is treated in the will. Generally, if the house is given to a beneficiary specifically or through the residuary clause, or if it goes to an heir by intestate succession, the house becomes the property of the beneficiary as of the date of death even though the beneficiary is not entitled to actual possession yet. In that case, mortgage, property taxes, insurance and utilities are the obligation of the beneficiary or heir and are not true estate expenses. Since the estate account contains estate monies that may be used only for estate expenses and since those are not estate expenses, the estate account may not be used for them. However; if the will states that the house is not to be given to anyone in particular but that it is to be sold by the estate and the proceeds given to the the beneficiary, then the carrying charges of the house are legitimate estate expenses and the estate account may be used. In the world of reality and practicality, the estate account is sometimes used, even though it may technically be wrong. Sometimes, beneficiaries agree to let the estate account pay for carrying charges, subject to the beneficiary reimbursing the estate later on. As far as rent payments go, obviously, the estate account will be used to pay for the rental obligations the decedent has, because this is a legitimate debt of the decedent. But, the estate account cannot pay for someone else to live there. The executor has an obligation to cancel the lease as soon as practicable so that no unnecessary rent payments accrue.
Arrears refers to the state of being behind in payments. That could mean there are arrears in the mortgage payments, real estate taxes, municipal charges or rents.
I can't think of any reason why you would. You can always just make the payments. If the payments are made, the mortgage company probably won't even blink.
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Anyone who is liable for making the mortgage payments. If you have more questions and are looking for real estate related resources and information, check out Upnest.com for more information.
If you're asking who takes credit for the mortgage interest and real estate taxes on a federal income tax return, the answer is whoever made the payments.
You should review this situation with an attorney. You are the mortgagor. There is a mortgagee to whom the money is owed and the name of the mortgagee should be recited in the mortgage document. The heirs should be listed as the mortgagees since they were the legal owners of the real estate. An attorney should review the mortgage and the recipient of your payments to make certain you are paying the correct party.
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
Arrears refers to the state of being behind in payments. That could mean there are arrears in the mortgage payments, real estate taxes, municipal charges or rents.
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
if your on the title be prepared to take over the payments.
I can't think of any reason why you would. You can always just make the payments. If the payments are made, the mortgage company probably won't even blink.
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Anyone who is liable for making the mortgage payments. If you have more questions and are looking for real estate related resources and information, check out Upnest.com for more information.
If you're asking who takes credit for the mortgage interest and real estate taxes on a federal income tax return, the answer is whoever made the payments.
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.