Q: What are my options regarding my fathers behind on many payments and about to die?
My father is 25000 behind on the mortgage and 12000 for utilities. I am due to inherit the house as stated by him and as I’m next of kin also. I don’t know exactly what will happen if he passes with debt since his cancer is bad and due to pass soon. I want to know what my options are that will allow me to keep the house but not destroy me financially.
A: Will you be the sole heir? Is he a Massachusetts resident? If you are the sole heir, then you may be able to take over the mortgage through what is referred to as a "novation" with the mortgage company if that is something the company offers or you may be able to refinance the indebtedness. The utility bill would be a debt of the estate and handled with the indebtedness priority and there is also a question as to what steps the utility company would take on the claim and whether the law on same will be followed in terms of the statute of limitations.
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