Legal Question in Wills and Trusts in Georgia
mothers morgage
We have recently found that our mother who is 76 years old and in very poor health has morgaged her house. It is a 30 year morgage so she can not possibly get it paid for. No one signed with her or knew she was doing this until a couple of years ago, she does not have life insurance on this morgage. Will we as her children be responsible for the balance of this morgage?
1 Answer from Attorneys
Re: mothers morgage
No, but your mother's estate will remain liable for the mortgage, and payments must continue to be made, or the holder of the mortgage will have the right to foreclose.
Usually in this situation, the house will be sold by her personal representative, and the mortgage paid on sale.
As an alternative, the mortgage company may permit distribution of the house in kind, subject to the mortgage. Whoever gets the house may have to assume (i.e., become personally liable for) the mortgage
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