Oceanside, CA asked in Banking, Estate Planning and Real Estate Law for California

Q: Marie (1st choice Executor of Estate), Bill (2nd choice Executor of Estate), and Leon all live in the same house.

Bill and Marie are currently married (17 years). Leon is Marie's ex-husband and they were married over 35 years. The house deed is in both Leon and Marie's names as joint-tenants. Leon recently died two months ago and the house has a mortgage loan that was only in Leon's name and has an unpaid balance of $132K. Marie (housewife), who has many serious health issues is not able to perform tasks as an Executor of Estate so Bill (who isn't working either due to 5 back surgeries in past 3 years) will do those duties. The mortgage loan company (also has 3 open credit cards with same company) hasn’t been notified of Leon's passing yet. Since Bill or Marie aren't on the mortgage loan, what will happen once the mortgage loan company is notified of Leon's passing? Will they want to be paid in full by Bill and Marie? What should Bill and/or Marie should do in this situation?

1 Lawyer Answer
Richard Samuel Price
Richard Samuel Price
Answered
  • Estate Planning Lawyer
  • Redlands, CA
  • Licensed in California

A: I assume that the mortgage is not a reverse-mortgage. When the mortgage company is notified about the passing of Leon, they will not communicate with Bill or Marie about the terms of the mortgage. They may require Bill or Marie to assume the loan. Bill or Marie should bring this situation to an attorney to review the title to the property and determine if a probate proceeding is required.

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