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What Happens to My Mortgage When I Die?

Answer

If you die before the lean on your house is paid off, the mortgage will be to sole responsibility of the other party named on the contract. This is typically the case for those who have a surviving spouse. However, if there is no surviving spouse or domestic partnership, the lending company will most likely take the property back as it is collateral on the loan. Most banks have policies that are declared in the mortgage stipulations that concern a borrower dying before the loan is fully paid off.
Q&A Related to "What Happens to My Mortgage When I Die?"
If either party on a loan dies, the other party becomes responsible for taking over the loan payments. This is the promise made to the mortgage company when the loan is signed. &ldquo
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The mortgage is attached to the property. So if an heir takes possession of the home, he/she must pay the mortgage. Otherwise, the bank will foreclose.
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