If the mortgaged home is rejected, the heir will not be able to benefit from any of the assets that make up the rest of the inheritance
If the mortgaged home is rejected as an inheritance, the heir will not be able to benefit from any of the assets that make up the rest of the inheritance
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Not only are property inherited, but also debts, and this includes bank loans when the inheritance is a mortgaged home. What to do? What should we take into account? The first thing we have to know is that if the heir accepts the inheritance (housing) he will have to assume the payment of the pending mortgage loan, with the established conditions. In other words, the financial entity cannot change the conditions of the mortgage when the owner changes.
What if the heir is not willing or unable to pay the outstanding debt? As the experts point out, in this case you can reject inheritance or accept inventory benefit.
Following the recommendations of piso.com, before making a decision what you have to do is collect all the information about the mortgage (capital pending payment, installment, guarantors …). In the event that there are two owners, “the heirs receive 50% of the debt or the percentage in which the mortgage is distributed, but if they reject the inheritance it is the living owner who has to assume the entire mortgage loan” . On the other hand, when the mortgage is backed by a guarantor, the guarantee remains in force even if the owner of the mortgage dies, in such a way that when the heirs agree to inherit the mortgaged home, the guarantee continues until the debt is paid.
If the mortgaged home is rejected as an inheritance, the heir will not be able to benefit from any of the assets that make up the rest of the inheritance. If, on the contrary, the inheritance is accepted for the benefit of inventory, the inheritance of the heir is not compromised since the mortgage could be paid with the rest of the inherited assets.
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