QUESTION
What will happen to a home loan when the owner is deceased?
Asked on Jan 19th, 2012 on Estate Planning - Arizona
More details to this question:
Our father passed away this last year and a lawyer put our names on the house. But the loan is through a bank and is still in his name. What happens when there is a balance on the loan. One of the brother wants to buy the house
1 ANSWER
Generally speaking, the bank will require that a new loan issue to the owner(s) of the house, so if one beneficiary wants to keep the property, that beneficiary would have to secure his/her own financing.
Answered on Feb 24th, 2012 at 8:55 AM