Surviving loved ones have a lot to handle after the death of a family member. The executor of the estate, in particular, has a lot of responsibility when it comes to ensuring that necessary final affairs are handled. It is common for many questions to come with this role, and one of those questions may be what to do with a remaining mortgage during probate.
Texas executors may understandably face confusion when it comes to mortgages. Though the account holder has passed away, the mortgage payments still need to be made. If they are not, serious issues could result that affect many people, especially loved ones who may still be living in the home or hoped to inherit it. Still, the payments should come from the estate, so the executor needs to ensure that there are enough funds to cover those payments.
If the house is set to be inherited by a surviving party, that person can take on the remaining mortgage. However, it is likely that this step will have to wait until near the end of the probate process and after remaining assets have been distributed. If the heir cannot take over the payments, it may be necessary to sell the property.
Like many aspects of probate, there are various ways in which a mortgage and remaining home can be dealt with after a loved one’s passing. If executors have particular concerns about this issue, they may want to ensure that they fully understand the available options. Discussing the matter with experienced Texas attorneys may help them determine how to best handle the issue.