Estate Planning: given home prices have declined often less than the outstanding mortgage(s), how does one?
Home Mortgage
Mew asked:
Now that home prices are often lower than the outstanding liablility, how do you pass on to your spouse? Do they have
a choice not to accept home because more is owed on it
than the value of home. Is there a certain clause to include
in a will or liviing trust?
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Now that home prices are often lower than the outstanding liablility, how do you pass on to your spouse? Do they have
a choice not to accept home because more is owed on it
than the value of home. Is there a certain clause to include
in a will or liviing trust?
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February 2nd, 2009 at 9:45 pm
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Get legal advice. Among other things, it depends on who holds the title now and whose name is on the loan.
February 5th, 2009 at 7:30 am
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Buy a life insurance policy that tracks the outstanding balance on the loan. The premiums are very reasonable. If you die the debt is repaid.