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The executor or the beneficiaries of the estate have the option of refinancing the loan and paying off the existing note, allowing the note to go into default in which case the lending institution will take over the house and sell it at auction or the beneficiaries may elect to sell the house. In either case, the lending institution will be paid before the title is released. Many people have mortgage insurance that pays off the mortgage but the executor of the estate should have that information so that the note can be paid. If that information was not provided, the executor may have to do a little searching to find the relevant information. All the non-exempt assets and debts that belong to the deceased will be handled according to state probate laws. Real property that is jointly titled to a married couple or titled as "JTWRS" is not subject to probate procedures and automatically passes to the surviving spouse or named joint tenants. In a "CP" state all assets and debts of a marital couple are considered owned and owed equally. The worst scenario in a "CP" state is the vehicle will be repossessed and any deficiency will be paid out of the deceased's estate or will need to be paid by the surviving spouse. It would be in the best interest of a spouse and/or family members to seek legal advice. Most attorneys offer free or minimal fee consultation to explore the legal options available. If the involved party is unsure of whom to contact all state bar associations offer a free referral service or the local legal aid society can be of help.

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โˆ™ 2007-09-24 15:30:26
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Q: When a person who has an outstanding car loan dies is the family responsible for paying the outstanding balance?
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