Q: In NYC can the deceased parents house be forced to satisfy debts?
My mom currently has debt (I believe total is less than $20k) and only asset is the house (with a mortgage), when she passes away could it be forced sold to satisfy her debts. I'm her only child, my father has passed away. I know different states have different rules regarding this. I'm asking because I'm in a position to improve the home (removed the bathroom, put new flooring in, etc.) But I don't want to make cosmetic changes if I would lose the home.
A: Unless your mother has mortgage insurance that would pay the mortgage upon her passing, in order to prevent a possible foreclosure the heirs would have to seek to be added to the mortgage and assume responsibility for its repayment. In addition, before the title to the property is transferred any outstanding judgments would need to be satisfied.
1 user found this answer helpful
A: The mortgage must be paid. The other debts in theory must be paid, but it is rare for $20000 for this to happen.
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