Estate Mortgage payments

[wsgoo]

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

I have been assigned administrator over my best friends estate. my question is if I stay at the home and keep it up until the probate is complete, who has to pay the mortgage me or the estate? she has the money in the estate to pay. My other question is, if their is money leftover can if be used to pay off or pay down the remainding balance of the mortgage?

Thank you.

Sandra in California

 

[FlyingRon]

The mortgage remains the responsibility of the state.

What happens to the estate is determined by probate. Whoever gets the assets can determine what to do with them. If they end up with the money and the house, they can pay off the mortgage if they like, but unless there's some goofy provision in the will, the court isn't likely to direct such a paydown.

 

[nextwife]

And if you choose to use an estate asset as your personal residence while the estate is open, you should pay the estate fair market rent.

As stated, if the estate sells the house, the mortgage gets paid off at closing and the money goes into the estate.

 

[nextwife]

The mortgage remains the responsibility of the state.

What happens to the estate is determined by probate. Whoever gets the assets can determine what to do with them. If they end up with the money and the house, they can pay off the mortgage if they like, but unless there's some goofy provision in the will, the court isn't likely to direct such a paydown.

However, the mortgage holder is a creditor and the debt to them should be addressed by the estate.