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May 1, 2024
6:34
:29
am
Iman23
All-American
When someone has a mortgage and then they die, does the bank immediately call
the note? This situation is an 85 yo widow. 30% LTV. Kids will inherit the house.
Is there a grace period? How long can the family just continue to make the payments, before they have to pay off the loan or sell?
This message has been modified
Originally posted on May 1, 2024 at 6:34:29am
Message modified by Iman23 on May 1, 2024 at 6:36:42am
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Iman23
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Iman23
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Jan 18, 2008
Last login
May 15, 2024
Total posts
42,705 (2,741 FO)
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Messages
Author
Time
When someone has a mortgage and then they die, does the bank immediately call
Iman23
May 1, 6:34am
Depends on the state but this is where probate is typically involved.
VACOUGFAN
May 1, 6:42am
As long as payments keep being made the bank will not typically care
ToasterChive
May 1, 6:47am
Depends on state law. In Missouri there is a 6 month moratorium after death
BYUMizzou
May 1, 6:47am
My understanding is that if a spouse is the transferee then a federal law prohib
mkg
May 1, 7:00am
Right, but I'm talking about what happens after the wife dies.
Iman23
May 1, 7:03am
Same thing. A transfer on death to a relative can’t trigger a due on
mkg
May 1, 7:05am
Also, this is in Utah, if that matters as far as state law...
Iman23
May 1, 7:04am
The big question is whether or not the family is going to continue to make the
BYUMizzou
May 1, 7:17am
Family plans to continue making the payments. Very small mortgage.
Iman23
May 1, 7:29am
Under federal regs, the estate or an heir can step into the shoes of the deceased as successor.
ConnCoug
May 1, 8:30am
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