mortgage responsibility

[vron]

mortgage states"this mortgage is binding on me, my heirs and personal representatives". Does this mean that if my parents die owing money and the sale of the house does not cover the prinicpal balance, am I liable for the difference?

 

[LorettaL]

I think that title could not transfer to you (or whoever are the beneficiaries in your parents' will) until the mortgage was paid off. If the property was mortgaged for more than what it was worth they would probably foreclose on the property; so you wouldnt' be able to inherit it without paying off the debt. It is poosible that the mortgage company would go after the remaining assets that the deceased left behind before going after you (and any other heirs) personally. You should hire a real estate lawyer or talk to a probate lawyer before you do anything to this property once you've inherited it. Check on-line for some names of attorneys.