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8 Apr 2010If my home is underwater by 100K for example, it’s unlikely my kids would want it – and a burden I would not want for them. If I had 100K in the bank willed to them, would that have to pay off the mortgage difference before my kids? I’m thinking it would: all my estate assets would have to make good on my home debt first. Would this be correct?
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3 Responses to What happens to my home when I die and my mortgage is underwater? Will my estate be liable for the difference?
Nick Bruiser
April 8th, 2010 at 5:01 am
Paper falls apart when you put it underwater.
golferwhoworks
April 8th, 2010 at 5:04 am
any assets that you have will have to be used to settle your estate in probate so yes is your answer
Eric
April 8th, 2010 at 5:08 am
I’m not a lawyer. Of course laws differ by States, but I would say that generally the money would not be attached with the right designations within a will (find a lawyer). Now, if the mortgage continues to be paid on the property by your heirs( or a tenant ), then this wouldn’t even be an issue.