{"id":1387,"date":"2021-05-03T09:00:13","date_gmt":"2021-05-03T13:00:13","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1387"},"modified":"2024-04-25T23:20:01","modified_gmt":"2024-04-26T03:20:01","slug":"after-youre-gone-does-your-mortgage-live-on","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/after-youre-gone-does-your-mortgage-live-on\/","title":{"rendered":"After You\u2019re Gone, Does Your Mortgage Live On?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/does-your-mortgage-live-on.jpg\" alt=\"Image of two people reviewing a mortgage and discussing end of life plans.\" class=\"wp-image-1388\" width=\"919\" height=\"392\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/does-your-mortgage-live-on.jpg 919w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/does-your-mortgage-live-on-300x128.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/does-your-mortgage-live-on-768x328.jpg 768w\" sizes=\"auto, (max-width: 919px) 100vw, 919px\" \/><\/figure><\/div>\n\n\n\n<p>You might be wondering about that house or condo you\u2019ve left\nin your will. Often, after a homeowner passes on, the real property is sold\nfrom the estate to pay off debts. But maybe you have a relative who would like\nto have and keep your home. <\/p>\n\n\n\n<p>For the sake of exploring the question, say you still owe a $50,000\nmortgage balance when you pass on. Of course, you could leave your beneficiary\nenough money to pay your loan off, if you are financially able to do so. Or you\ncould pay it off early yourself. <\/p>\n\n\n\n<p>But if you need to pass the home on with a mortgage, can\nyour beneficiary just keep your house or condo, and pick up the monthly mortgage\npayments where you left off? At least the next owner would have a head start \u2014\ninheriting your home equity, and just paying what\u2019s left on the balance.<\/p>\n\n\n\n<p>Let\u2019s look at how this plan could play out.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Your Relative May Take Over Your Mortgage When You Pass On<\/h2>\n\n\n\n<p>Under a federal provision called the <em>Garn-St. Germain Depository\nInstitutions Regulation Act<\/em> a lender cannot accelerate the due date of the mortgage\nwhen:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A joint tenant (including a tenant by the\nentirety or co-owner of community property) survives you and, by law, receives\nthe title to your co-owned house.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>You bequeath your home to a relative who is\nliving in the home when you pass.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>You leave the house to your surviving spouse.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>You leave the house to the child of your\ndivorced co-owner. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>You have placed the title into a living trust. (Tip:\nBe sure your mortgage company holds a copy of the trust instrument.) <\/li><\/ul>\n\n\n\n<p>In these cases, your beneficiary can receive the home with\nthe mortgage intact. You can explain this in your will, and keep the mortgage\ninformation in an accessible spot with your <a href=\"https:\/\/www.deeds.com\/articles\/new-homeowners-document-checklist-storage-plan\/\">real\nestate paperwork<\/a>. Your beneficiary \u2014 the person who inherits the\nmortgaged home \u2014 should tell the mortgage company about the deed transfer, and should\nstart paying where you left off. Your beneficiary should be prepared to contact\nyour mortgage servicer promptly at the time of your passing, so your mortgage\ncompany knows it cannot accelerate repayment. <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Want to learn more about what happens to your\nhome loan after you pass away? Here, we discuss more on <a href=\"https:\/\/www.deeds.com\/articles\/what-happens-if-the-mortgage-on-your-home-outlives-you\/\">what\nhappens when your mortgage outlives you<\/a>.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Mortgage Is Paid by the Personal Representative Until the Title Is\nPassed to a New Owner<\/h2>\n\n\n\n<p>What if your <a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\">title\nis vested<\/a> as sole property, or co-owned as tenants in common (no\nsurvivorship rights)? Expect your house to go into probate. It will be sold out\nof probate (if required to pay your debts) or be distributed to your beneficiary\nby a deed from the probate court. Until the house is conveyed out of probate to\na new owner, the estate\u2019s personal representative will carry on paying the\nmortgage.<\/p>\n\n\n\n<p>When your relative inherits your home, that person might opt\nto sell it from the estate and use the sale proceeds to buy a home they would\nprefer. Because <a href=\"https:\/\/www.deeds.com\/articles\/real-estate-tax-changes-could-be-coming-spotlight-on-capital-gains-and-the-stepped-up-cost-basis\/\">inherited\nhomes can receive preferential tax treatment<\/a>, beneficiaries should\nconsider consulting with their tax experts before selling. <\/p>\n\n\n\n<p>If the person you name as inheriting your house does want to\nkeep it, that person may be one of the eligible people (see the bulleted list\nabove) to take over your mortgage without having to qualify as a new borrower.\nThis is an important provision. As you might imagine, lenders have been\nespecially unwilling to let new owners keep mortgages that had interest rates\nlower than the going rates.<\/p>\n\n\n\n<p>In ordinary transactions, transferring a home with a\nmortgage to a new owner triggers a &#8220;due on sale&#8221; or acceleration\nclause in the loan agreement, so that the entire balance of the loan becomes\ndue and the new owner has to start over by applying for a new loan. That means\nthey must prove their ability to pay for a mortgage under the lender\u2019s guidelines.\nYour beneficiary might be out of work or otherwise not in a position to deal\nwith a new mortgage application process. Fortunately, federal law steps in to\nensure that\u2019s not necessary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your Beneficiary Will Not Be Forced to Meet the Ability-to-Repay Rule<\/h2>\n\n\n\n<p>What are the advantages for a beneficiary who takes over a\nmortgage without having to qualify as a new borrower? The surviving beneficiary\nis relieved of the task of demonstrating the \u201cability to repay\u201d the loan. <\/p>\n\n\n\n<p>Under federal law:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The new homeowner automatically qualifies to\nkeep the deceased homeowner\u2019s mortgage loan. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The new owner is entitled to request information\nabout the mortgage, pay off the principal, or request a loan\nmodification.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The lender must work with the new owner to\nmodify the loan as needed.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Before taxes are due, the mortgage company must\nsend the home\u2019s new owner an IRS&nbsp;Form 1098. The new homeowner&nbsp;can deduct\nmortgage interest. <\/li><\/ul>\n\n\n\n<p>Once probate is taken care of, the beneficiary can&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/should-you-remove-a-deceased-owner-from-a-real-estate-title\/\">remove\nthe name of the deceased from the house title<\/a>. When the mortgage is\nin the new owner\u2019s name, it will be possible to refinance when desired. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Person Receiving Your Home Will Be Treated as Your Successor in\nInterest<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/person-receiving-your-home-will-be-treated-as-your-successor-in-interest.jpg\" alt=\"Two people sitting at a desk hugging and smiling.\" class=\"wp-image-1389\" width=\"390\" height=\"260\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/person-receiving-your-home-will-be-treated-as-your-successor-in-interest.jpg 520w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/05\/person-receiving-your-home-will-be-treated-as-your-successor-in-interest-300x200.jpg 300w\" sizes=\"auto, (max-width: 390px) 100vw, 390px\" \/><\/figure><\/div>\n\n\n\n<p>After the above protective law went into effect, some\nmortgage servicers still put hoops up for people who inherited mortgages to\njump through. So, a newer <a href=\"https:\/\/library.nclc.org\/effective-april-19-new-mortgage-servicing-rights-heirs-spouses-and-debtors-bankruptcy\" target=\"_blank\" rel=\"noreferrer noopener\">federal provision<\/a> directs mortgage companies to\npromptly contact heirs and consider them \u201csuccessors in interest\u201d to the loan. <\/p>\n\n\n\n<p>The mortgage company must allow successors in interest enough\ntime to put their names on the mortgage and request loan modifications. Otherwise,\nrelatives could inherit homes yet have no support from the lender if the\ncurrent monthly payments are overwhelming. People in such circumstances can be\nforced to sell their family homes, then satisfy the mortgage lender with the\nproceeds of the sale. The Bureau of Consumer Financial Protection thought this\nwas a harsh result, and produced regulations to avert it. <\/p>\n\n\n\n<p>Owners themselves may prevent legal stress over inherited\nmortgages. Some owners protect their spouses or other joint owners by <a href=\"https:\/\/www.deeds.com\/articles\/the-golden-years-with-a-paid-off-mortgage\/\">paying\noff the mortgage as soon as possible<\/a>. Other owners might decide to\nshop for mortgage life insurance policies that pay off the loan when they pass\naway. It\u2019s important to note that mortgage life insurance policies are worth\nless as you make payments over the years, and the mortgage balance gradually\ngoes down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In Some States, You Can Transfer Your Home\u2014And Its Mortgage\u2014With a\nTransfer-on-Death Deed<\/h2>\n\n\n\n<p>A <a href=\"https:\/\/www.deeds.com\/transfer-on-death-deed\/\">transfer-on-death&nbsp;deed<\/a>&nbsp;(also\ncalled a beneficiary deed) is allowed for passing on homes after death in some\nstates. If you decide to transfer your home in this way, your beneficiary will\nget not only the title to your home, but also any loans tied to the home. <\/p>\n\n\n\n<p>We recommend consulting with a lawyer who has dealt with estates\nand trusts if decide to pass your home along by using any type of special deed\nor trust. But even if you simply pass your home with a will, know that a\nrelative will be able to receive your mortgaged house without being forced to\nqualify for a new mortgage.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">12 U.S. Code \u00a7 1701j\u20133 &#8211; <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/12\/1701j-3\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Preemption of Due-on-Sale Prohibitions<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size\">12 C.F.R. \u00a7 1024, 1026; <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.federalregister.gov\/documents\/2016\/10\/19\/2016-18901\/amendments-to-the-2013-mortgage-rules-under-the-real-estate-settlement-procedures-act-regulation-x\" target=\"_blank\">81 F.R. \u00a7 72,160 &#8211; 72,165<\/a>. See also Bureau of Consumer Financial Protection, 12 CFR Part 1026 Application of Regulation Z\u2019s Ability-to-Repay Rule to Certain Situations Involving Successors-in-Interest. Available as PDF: <a href=\"https:\/\/files.consumerfinance.gov\/f\/201407_cfpb_bulletin_mortgage-lending-rules_successors.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">https:\/\/files.consumerfinance.gov\/f\/201407_cfpb_bulletin_mortgage-lending-rules_successors.pdf<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/positive-senior-man-in-formal-wear-and-eyeglasses-hugging-with-young-lady-while-sitting-at-table-3823497\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Andrea Piacquadio<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You might be wondering about that house or condo you\u2019ve left in your will. Often, after a homeowner passes on, the real property is sold from the estate to pay off debts. But maybe you have a relative who would like to have and keep your home. For the sake of exploring the question, say [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[107,81,57],"tags":[264,1298,1297,1295,1294,1296,840,855,1299,1300],"class_list":["post-1387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elder","category-estate-planning","category-mortgage","tag-estate-planning","tag-federal-mortgage-regulations","tag-garn-st-germain-act","tag-home-loan-succession","tag-inheriting-a-home","tag-mortgage-after-death","tag-mortgage-transfer","tag-property-inheritance","tag-successor-in-interest","tag-transferring-property-ownership"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>After You\u2019re Gone, Does Your Mortgage Live On? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Understand how to seamlessly transfer a mortgage after the homeowner&#039;s death without forcing the beneficiary to qualify as a new borrower. 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