Unless you signed the mortgage note, you are not liable. If you believe that the value of the property exceeds the mortgage and you are the sole heir that will inherit the property, you may want to work with the mortgage company to delay the foreclosure action that will ensue if payments are not made. If you have siblings that would also inherit the property, you will want to have a written agreement with the others as to being repaid for any funds you put up to forestall the mortgage foreclosure. Otherwise, the mortgage will likely be pushed into foreclosure when the payments fall 90 days overdue.
Answered on Nov 08th, 2011 at 5:53 PM