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Sheila, Home Seller in West Midland, Midland,...

my partner has passed away we have a mortgage as tenants in common do the heirs have to help pay the mortgage

Asked by Sheila, West Midland, Midland, TX Sun May 6, 2012

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Deborah Madey’s answer
You do need to get legal advice from an attorney. My response is not legal advice, but my understanding as a REALTOR.

Heirs inherit both liabilities and assets. The estate is responsible for liabilities, and the answer to whether that includes the mortgage is not within my scope. But, I believe that is definitely worth pursuing.

If the estate does not have liquid funds, or they simply decline to pay, your lender will enforce it's rights to collect in any way it can. If you are able, it might makes sense to pay the full mortgage and protect your interests in the property, and your credit. Collect what is owed to you later, but protect your credit now.
0 votes Thank Flag Link Sun May 6, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
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I can't say for sure that they have to pay the mortage. However, with tenants in common they have inherited your partners interest. In joint tenancy, you would have inherited the shares of your partner. I would consult with an attorney to see what rights and obligations your partner's heirs have with regard to the property based on your deed and/or the will.

Hope that helps.
0 votes Thank Flag Link Sun May 6, 2012
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