Dealing with a loved one’s passing is often a difficult time. However, there are often estate-related matters that beneficiaries must take care of after family members pass away. Sometimes, people inherit fully paid-off properties. But things become more complicated when you inherit a Texas home with a mortgage.
Finding out the mortgage balance
The first step to take care of after inheriting a mortgaged property is finding out the mortgage’s balance. In most cases, a home’s mortgage balance should be on the decedent’s inventory documents. You also have the option to have another appraiser value a property’s worth.
Getting on the same page with other beneficiaries
In certain situations that involve wills and probate, decedents sometimes leave behind mortgaged properties to multiple beneficiaries. If that’s the case, you and the other named beneficiaries need to determine the best course of action to take with a mortgaged property. Anyone wanting to keep this home might have to buy out ownership shares from other beneficiaries that want to sell this property.
Paying off a mortgaged property
Unfortunately, there’s not much a beneficiary can do to pause mortgage payments after the original property’s owner passes away. So, it’s imperative to decide any plans with this property quickly.
It’s now time for you and any other involved beneficiaries to:
• Open a new mortgage under your name.
• Split mortgage costs with a group of beneficiaries.
• Take out a loan to pay off this property.
Inheriting a mortgaged property isn’t without challenges. The course of action beneficiaries can take to resolve a mortgage depends on each party’s financial standings and how well everyone can get along with each other.