Do you have to make mortgage payments for the deceased?
July 22, 2007 6:49 PM Subscribe
Someone died. Does her family have to keep paying the mortgage payments? Does interest keep accruing? Can they rent it out during this period? There was no will. (This is in California.)
posted by salvia to Work & Money (9 answers total)
The "can they rent it out" part becomes more crucial since they wouldn't mind keeping the house as an investment property, or at least holding it until the market strengthens. But getting their own mortgage for the property is only going to get harder (and ultimately be more burdensome) the more unpaid interest gets tacked on to what is owed. The house was bought fairly recently, and since it's not clear just how bad the market is now, it's not clear what profit (if any) would come from the sale of the house at this point. Could they stall until the market solidifies?
Though there was no will, no one is going to contest who should be the executor/administrator of the estate or who should inherit the property.
I would also appreciate any "simple guide to probate in California"-type resources. I've been even thinking about finding some law-school-cramming book. (The BarBri property guide?) They're going to hire a lawyer but it's going to take a couple weeks to do that.
(You would think this would be an easy question to Google, but "get a mortgage in Death Valley!" has been the least of my search result problems.)