Q: In Georgia for a probated will, must an outstanding mortgage be paid off before estate closure?
If real estate goes to one beneficiary and the residual estate goes to another beneficiary, does the mortgage on the real estate need to be paid off with residual assets, or can the mortgage be assumed by the beneficiary of the real estate? What options does the PR have? Can the PR seek an agreement with the lender to have the beneficiary assume the existing mortgage secured by the real estate. Can the lender refuse to accept the request for assumption?
A: This question requires more information. It could be that the mortgage must be paid from the remaining assets upon transfer. It also depends on how title is held currently held to the property. The estate remains liable on the mortgage if you simply transfer the oropteru without resolving the mortgage.
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