Legal Question in Wills and Trusts in Wisconsin
Mortgage
My dad recently passed away and his bank called me about the mortgage for his property. What happens to the property if the mortgage is not paid right way? Does it get held by the bank until everything from the estate is taken care of or does the bank own it if the payment doesnt get made right away? And then can they sell the property? If that is the case does the personal representative pay the mortgage until it can be sold and then is reimbursed?
1 Answer from Attorneys
Re: Mortgage
The mortgage will "stick" to the property. If the mortgage is not paid, the bank will foreclose its mortgage. If the house if occupied it will take about 9 months for the bank to start and finish a foreclosure. I suggest you call the bank and tell them the situation and tell them who the personal representative will be and what the plans for selling, renting, etc., may be. The personal representative or someone else could lend the estate the money to pay the mortgage payments and get reimbursed IF THERE ARE FUNDS IN THE ESTATE WITH WHICH TO DO.
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