Inherited Condo

[lxa1801]

What is the name of your state (only U.S. law)? NY

My mother recently passed and left me her condo in her will. The will is still being executed. But here is my question (and I hope I'm posting in the right topic):

She has about $100,000 mortgage left on the condo. We're not sure if she had insurance on the condo with a provision to "write off" the mortgage upon death (no sure of the technical term here). But she was the kind of person that would have it.

Assuming she did not have this insurance provision... if her estate does not cover the full mortgage payment (I assume this would be treated like any other creditor through probate), in order to keep the condo will I have to pay the balance remaining? Or get a mortgage for that amount in my name? I was living with her when she passed and just want to make sure I'll be able to stay there.

Thanks for any help!

[tranquility]

Absent a specific pay-off provision (like the insurance), the property is taken subject to the mortgage. The estate does not pay if off before you get the property. As to if you can assume the mortgage or need to refinance depends on the holder of the mortgage and on the mortgage contract.

[lxa1801]

Ahh thanks tranquility, I'm going to call the mortgage company a call later today to see if that provision exists and if not, what they might do.