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mortgage in name of deceased Nevada

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  • mortgage in name of deceased Nevada

    My father-in-law recently died & my wife & I are left with having to deal with his estate.

    I'm wondering what the state of nevada laws are regarding an outstanding mortgage balance being charged back to the bank due to the death of the homeowner?

    Does the bank have the right to seize other property to settle the balance of the amount owed?

    If the amount owed is greater than the amount recoverable through sale of other real property, would we be on the hook for the balance?

    Does the cause of death have any effect?

    Just trying to figure this all out.

    Thanks in advance,

    DSCWMitchell

  • #2
    Who is the executor/administrator of the estate?

    Your father-in-law's estate is responsible for his debts, and paying his debts comes ahead of bequests to his heirs. So, yes, if the mortgage cannot be full paid off through the sale of the property, then the estate is responsible for paying the difference using other assets. The estate could request that the bank accept a short sale on the property, but no one here can predict whether the bank will agree to that request or not.

    I would suggest that you consult a local estate attorney for additional guidance.
    I am not able to respond to private messages. Thanks!

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    • #3
      Also, you and your wife should not make any payments on any of your father-in-law's debts out of your own funds -- that could create personal liability on your part.
      I am not able to respond to private messages. Thanks!

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      • #4
        Agree, you &/or your wife are not personally responsible for your father-in-law's debts as long as you didn't sign anything taking responsibility for payment.
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