If parent dies

What is the name of your state? LA
If single parent dies, what is the responsibilities of the children if parent obtained a morgage prior to dying and did not leave a will?

whatif said:

What is the name of your state? LA
If single parent dies, what is the responsibilities of the children if parent obtained a morgage prior to dying and did not leave a will?

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My response:

Will or no Will, children do not take the debts of their parent(s) after death, unless the adult child signed the contract, or the adult child voluntarily pays the debt. Remember, there is no "legal" liability or responsibility for another's debts.

IAAL

I AM ALWAYS LIABLE said:

My response:

Will or no Will, children do not take the debts of their parent(s) after death, unless the adult child signed the contract, or the adult child voluntarily pays the debt. Remember, there is no "legal" liability or responsibility for another's debts.

IAAL

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However, the debt IS secured by the real estate, thus if the real estate that is mortgaged is part of the estate, they'd better plan on making certain the payments are made. If they sell the real estate, that mortgage balance WILL be deducted from the proceeds. They cannot "write-off" the mortgage, but keep the property., they will still need to make certain the payments are made.

nextwife said:

However, the debt IS secured by the real estate, thus if the real estate that is mortgaged is part of the estate, they'd better plan on making certain the payments are made. If they sell the real estate, that mortgage balance WILL be deducted from the proceeds. They cannot "write-off" the mortgage, but keep the property., they will still need to make certain the payments are made.

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My response:

Well, of course. I thought that was obvious, and didn't need to be mentioned. There are many other things that I didn't mention either because the other things don't go to the writer's question. However, since you brought up the subject of "selling the real estate", the writer will also have to file a Petition for Probate so that orders of the court can be received allowing the writer to sell the property.

IAAL

IAAL is the man.

I AM ALWAYS LIABLE said:

My response:

Well, of course. I thought that was obvious, and didn't need to be mentioned. There are many other things that I didn't mention either because the other things don't go to the writer's question. However, since you brought up the subject of "selling the real estate", the writer will also have to file a Petition for Probate so that orders of the court can be received allowing the writer to sell the property.

IAAL

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Sweetie, it is obvious to you and I, but, having spoken at homebuyer seminars, etc. for over a dozen years, I realize that what should be obvious is not. Or to quote Gershwin "It Ain't Necessarilly So". I have spoken with property owners who would have loved to interpret a statement that the heirs don't have an obligation to pay the mortgage as a statement that the mortgage dies with the owner. Just as people think that if they got a property by QC, any judgements against the prior owner don't count.