Legal Question in Real Estate Law in Texas

Estate

My sister will soon pass away due to lung cancer. She has a legal will. She has a home with 12 acres of land worth a great deal more than the home equity note. Upon her death, will this laon payments be suspended until the home and land is sold? Can the loan holder (bank) foreclose on this property if the payments are not made in a timely manner. This is the only asset she has and is now totally insolvent due to medical and prescription bills.


Asked on 4/23/09, 5:37 pm

1 Answer from Attorneys
David Leon David L. Leon, P.C.

Re: Estate

A bank can foreclose on the property and does not have to suspend payment obligations during the pendency of an estate. This is rare, however. Better practice is to notify the bank of the death, and your efforts to sell the property. Many times, they'll work with you, if you can show that you're not just trying to occupy the property for free.

Read more
Answered on 4/27/09, 1:59 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Texas