How to keep my husbands mortgage if he dies
My husband and I share a residence together. His name is on the mortgage. We got a better interest rate that way. What do I need to do to protect the property if he should pass away. He also has an ex wife and 2 children. We have one child together. He he passes and the mortgage is not paid off what should I do. We do not have a will or a trust yet. Thank you so much for any help.
1 Answer from Attorneys
Re: How to keep my husbands mortgage if he dies
The property will pass subject to the mortgage. That means that whoever inherits the property will be responsible for the debt but may make a "claim" against your husband's estate for payment of his share of the debt. The more important question is how is the property titled and the terms of your husband's will.