Q: I want to keep my mom's home, she passed away in April, and there's a balance on her mortgage, how?
It has a 26 thousand dollars balance, can I keep it or do I have to sell it?
A:
To fully answer your question would require additional information because whether or not you can keep the house will depend upon a number of factors. Are there other assets which can be used to pay off the mortgage? Are there other debts beside the mortgage which must be paid? Are there other beneficiaries or heirs who are entitled to a share of your mother's estate? If the house is not being sold, how will the Pennsylvania inheritance tax be paid? Assuming that the other financial factors of the estate may make it possible for the house to be transferred to you and the mortgage will not be paid off in a lump sum, you would need to refinance the mortgage so that you will be the borrower making payments on it - will you be able to afford to pay a mortgage as well as the property taxes, property insurance, maintenance, and other expenses associated with the home?
It would be a good idea for you to review this matter in depth with an experienced estate and trust attorney.
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