Re: Who Pays the Mortgage on an Inherited House
whomever is named on the mortgage loan.
Who is responsible for mortgage payments?
Is this still dads mortgage loan?
Who is named on the mortgage loan?
Why was the loan not paid with other assets if this is still dads loan?
If it is dads loan, each of the three of you would be equally liable for the loan against the house since each of you would have inherited equal shares of the estate (presuming just the two children and the step mom. In an intestate situation, children and spouse (not his children's mother) would share equally in the estate. There would be no other takers of the estate.) so, if there was not enough value in the estate to pay off the mortgage loan, each of you would be equally liable for the remainder due. That still does not remedy the problem that make come about if the loan is in dads name only.
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.