Get personal, professional help now. The mortgage is a lien and is against the property and is filed. The estate could NOT do what it has to...clear the deceaseds financial affairs, without clearing the mortgage. Obviously, they cannot sell the property to someone, because the mortgage lien would prevent them from giving a good title. Probabate is NOT bankruptcy...I don't believe any special actions need to be taken by creditors, like filing a proof of claim form within a certain time, to perfect a claim. The one handling the estate needs to resolve the business affairs of the deceased and transfer his property per the will or laws of the State. It isn't adversarial or competitive. If you were the administrator and you failed to do so. you could be subject to real legal issues.
No, the mortgage is a debt of the estate. That mortgage must be resolved before the property can be transferred.
A mortgagee does not need to file a claim against the estate when the mortgagor dies. The mortgage is a lien against the real estate. Generally, the boilerplate language in a mortgage document gives the mortgagee the power to take possession of the property and sell it if there is a default. If the mortgage isn't paid the mortgagee will foreclose. If the beneficiaries want to keep the real estate they must make arrangements with the bank to pay the mortgage. You should consult with the attorney who is handling the estate.
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.
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.
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
No, the executor is responsible to insure the estate is taken care of. Them means either selling the house or paying off the mortgage. One way or another the debts have to be resolved before the estate is closed.
Probate typically takes four to six months before distribution can be made. Time has to be provided to allow debtors to make claims against the estate and all debts must be resolved before distribution.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
The estate is responsible to pay outstanding debt before being distributed to the heirs.
The estate is responsible for the debts of the decedent. The executor is responsible for paying those debts before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate law.
That is a good question, and it depends. If the mortgage was obtained before the life estate was created, but the life tennant and remainder men are "responsible" as the bank can forclose against the entire property. If it was after the life estate was created, then you will have to see if the mortgage attached only to the life estate or the remainder interest (or both.) These details can be found by looking at the title history for the property and the Deed of Trust (and any agreements between the current owners.) As these documents can be legally "dense", you should contact an attorney.
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.