Legal Question in Wills and Trusts in Virginia

Paying the mortgage for the estate

Both Parents deceased simultaneously. My question is what is the legal requirements for maintaining the mortgage of the real-estate? Do I have to keep the payments current out of my personal account, or am I protected until I gain access to their personal/estate accounts through my executorship role. This of course takes time and the mortgage due date is close. Also, what if there is not enough money available to pay the mortgage? Can the Mortgage company foreclose on the house in such a case, before I am able to sell the property?


Asked on 5/12/02, 9:38 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Paying the mortgage for the estate

Any funds advanced are reimburseable from the estate. You do not say if your parents left a Will or died intestate (without a Will). The only difference is the procedure necessary for the estate representative to be appointed. Once a representative has been appointed, they can deal with the mortgage company directly. If the assets of the estate are not sufficient to pay the mortgage, arrangements can be usually made to get some time to conduct an orderly sale of the property. It usually requires several months of non-payment before a foreclosure is started. Write me at [email protected] if you need more information or assistance.

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Answered on 5/13/02, 2:41 pm


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