A friend of mines mother passed away suddenly and she was still paying a mortgage on her home. There is already bickering regarding the possessions amongst the three siblings.
Will the bank allow one of the sibling to buy out the loan and take possession of the house if they wanted too? Or does the bank have the right to keep the property now that she has passed? Since there was no will, if one of the kids pays off the loan, will the bank allow this paying off of the loan or is there something else that needs to be accomplished? There is probably less then $10,000 owed on the property. How would my friend go about either taking over the mortgage or just outright buying the house?
Read more: When a parent dies, no will, can one of the children pay off house and get property?
