Legal Question in Wills and Trusts in Texas
Mortgage on home left in will
If a person leaves ''all her belongings'' to her adult child (in a notarized will), including her home, and there is a mortgage on the home, how does the adult child have the home put in his name? Does he have to qualify with the mortage company in order to continue paying for the home and take the interest deduction on his taxes? Or, would sending the mortgage company a copy of the death certificate and the will be sufficient?
1 Answer from Attorneys
Re: Mortgage on home left in will
First the will has to be probated to prove its validity. Then it depends in large part upon the language of the mortgage. Usually giving informal notice to the mortgage company before probate explains why payments may have been delayed. Then formal notice is given after the will has been entered in probate will allow transfer into the adult child's name; assuming the adult child wants to keep the house and mortgage. Failure to keep up the payments will probably lead to foreclosure.
Once the property is in the child's name, all interest, taxes, etc. coincident to home ownership that are allowed as deductible expenses accrue to the homeowner.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
