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Decease with Will and Property with Loan

261 Views  ⚫  Asked 1 Year Ago
asked on Sep 19, 2016 at 21:45
by   Hakuna Matata
edited on Feb 2, 2017 at 04:58
 
Could anyone here advise me on the situation whereby a person with will and passed away and his property is still attached with a loan. As a beneficiary, am I supposed to do refinance or just continue make payment under the name of the deceased account? What if I don't have the financial power to pay the installment? Does that mean I have to sell the property or the bank would have to auction off the house? The deceased did not purchase any loan insurance.
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answered on Sep 20, 2016 at 00:49
by   jeff005
edited Feb 2, 2017 at 04:59
 
Which is higher, value of house or balance of loan?

Bank will auction off the house. Bank 'lelong' or auction can be 50% of market value or even less.

Logic vs No Logic.
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