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ebarrettadavis · Joined: 16 Dec 2009 Posts: 1 1.37 Dollars($)

My father passed away recently. His only debt is a mortgage when he bought a house which my sister used while she lived in area. It is now for sale...My father died 11/16/09 and my sister and I are coexecutors. When the house was purchase my father signed the note for a 15 yr mortgage. Now I believe the mortgage must be paid off at his death. The townhouse would then be paid and owned jointly.. My sister and brother don't want to pay off the mortgage. they want to use the money needed to pay off the loan to "invest" ..My question.. is a mortgage loan a debt of the estate and must be paid before assets are dispersed to the heirs or can the heirs transfer the mortgage to themselves and continue to pay the mortgage?

gmakerley · Posted: Wed Dec 16, 2009 3:05 pm Post subject:

i'm not by any stretch of the imagination an expert on estate law, but i have to surmise that the funds in the estate would need to be used to settle debts before disbursement to survivors.

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Mortgage status on death.