QUESTION
Who is responsible for paying off the mortgage on my late aunts home and can my father be forced to sell ?
Asked on Apr 16th, 2014 on Real Estate - New Jersey
More details to this question:
My aunt passed away and left 2/3 of her house to her husband and 1/3 to my father. In 2010 her and her husband took out a mortgage on the house that my father had no idea about. The executor of her will wants to sell the house forcing my father out even though he has lived there for over 50 years. And for him to pay off the mortgage along with my aunts widower. I don't feel he is responsible for any of the mortgage. What can be done to protect my dad he is elderly and on a very limited income.
1 ANSWER
2 Awards
If the will says that the mortgage is to be paid off, it can be paid with money in the estate. If the will does not say that, then the property passes to the beneficiaries with the mortgage. If your uncle is still alive he is entitled to 2/3 of the house. You father does not have to pay off the mortgage, but he takes his 1/3 share subject to the mortgage. Therefore, when the house is sold, the mortgage is paid off and your father gets a 1/3 portion of the net proceeds.
Answered on Apr 17th, 2014 at 10:17 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship