Q: Can a mortgage be completely erased if there was no insurance or any other money left behind to take care of it?
If a deceased person left a home with a debt to a beneficiary, regardless of married to them then or not, can or a will a mortgage company erase the debt? The surviving spouse wasn’t on the deed or mortgage. Only the deceased person.
If the surviving spouse gets the deed to the home put in their name, then won’t they still have to deal with the mortgage company? The house has a $160,000 debt on it.
The surviving spouse is trying to see if there is a way for them to get out of the Loan and still stay in the house.
A: The lender’s mortgage survives the death of the borrower. If not paid the lender may foreclose and take the house.
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