Legal Question in Wills and Trusts in New Mexico
What happens to property when one dies with a will
With my mother I refinanced a home plus acreage. My mother has a will with certain provisions. Who gets the home and acreage, the person with the real estate loan or the person listed in the will? If the person in the will gets the real estate, what happens to the loan? Is the person who is on the loan stuck with it?
2 Answers from Attorneys
Re: What happens to property when one dies with a will
In such a situation the will controls. The real estate will be passed according to the terms of the will subject to the existing mortgage. Whomever gets the real estate will have to continue paying the mortgage. This assumes there is but one person [evidently your Mother] on the deed to the property.
Re: What happens to property when one dies with a will
It depends on whether the Will is legally enforceable, what the title states and the terms of the loan. I would be glad to help you with this if you give me more information. What usually happens might not apply in your particular circumstance, depending on this missing information.
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