Second Mortgage on Willed house
Second Mortgage on Willed house
Need to know if my brother will be responsible for house payments on my parents house after they pass. They have a large second mortgage on the house and have willed it to my brother in the event of their deaths ( They are both under hospice care right now with end stage disease processes ) We are worried that the house will be our brother`s responsibility financially because he has his own mortgage , Will he be the one that will have to deal with this issue just because it is willed to him ? If so, are there any suggestions on how to deal with this ? The house is in poor shape and none of the other siblings are interested in it. .Thank you for your time and feed back .
2 Answers
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1
Your brother is liable to repay the loans in your parents' absence. Ask him to apply for loan modification so as to ease off the debt burden to some extent.
1
Yes, through a loan modification, it is possible to alter the terms and conditions of the mortgage loan in order to make them favorable according to your budget and needs. You just have to negotiate with your lender in order to modify your home loan.