Q: If a will leaves houses to 3 people are all three responsible for mortgage payments until will is disbursed?
It is occupied by a beneficiary who pays utilities, lot fee and was making mortgage payments until unable.
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A:
The mortgage is only due from the person named on the mortgage. However, if they want to avoid foreclosure the beneficiaries would be smart to keep paying the mortgage.
When the property is distributed to them, they will have to either pay it off or get a new mortgage in their names.
Be careful naming multiple beneficiaries for the same real estate unless either it’s income property or you really think all three of them are going to live there together in peace and harmony.
Usually when a house if left to multiple people, they sell it and split the proceeds.
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