Real Estate Community Forum

I have a situation where my uncle passed away and has an outstanding mortgage on the house. As a result of his untimely death, what will happen to the house? I assumed the house will be handed down to his children, but will they be responsible for the mortgage? What if they don't have the money to pay it? Will they be forced to put the property up for sale?

The bottom line on this is the bank is going to want their money!!!

If your Uncle had a will then the executors would have to go through the assets and liabilities of the estate to determine if in fact the house can be kept.

If no money is owed, the title to the property will be transferred to the beneficiary. If there is an outstanding mortgage, the house would be sold and the profits would be split among the family members/beneficiaries after all the assets and liabilities of the estate were accounted for.

I suggest you get a lawyer to review the situation as the order of lineage for purposes of transfer may vary from state to state when there is no will.

Good luck