What Happens to a Mortgage When the Mortgagee Dies?
Lender foreclosure may occur when a mortgage borrower dies.
Mortgage After Death
Mortgage loans are secured by the properties purchased with them. Almost every mortgage loan contains a promissory note that provides a specific claim to the property securing that loan. When a property owner with a mortgage dies, the promissory note gives the lender the right to immediate loan repayment. If a deceased person's estate isn't able to fully repay that person's mortgage loan the lender can instead move to sell the mortgaged property for repayment.
Bequeathing Mortgaged Properties
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