Philadelphia, PA asked in Family Law and Probate for Pennsylvania

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?

Related Topics:
1 Lawyer Answer
Stephen M. Asbel
PREMIUM
Stephen M. Asbel
Answered
  • Estate Planning Lawyer
  • Philadelphia, PA
  • Licensed in Pennsylvania

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.