Mortgage Debt After Death

Summary

In New Mexico, when someone passes away, their mortgage is part of the estates debts. The estate is responsible for paying it off. If the estate lacks funds, the property may be sold to cover the debt. Heirs can assume the mortgage if they qualify or pay it off to retain the property.

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Is the mortgage added to the debt when someone passes away
Hi Kelly! When someone passes away, their mortgage is typically considered a part of their estate's debts. Here are some key points:
- The estate is responsible for paying off the mortgage.
- If the estate cannot cover the mortgage, the property may be sold to pay the debt.
- Heirs may assume the mortgage or pay it off to keep the property.
Do you need more specific information about New Mexico's laws regarding this?
Yes
- In New Mexico, the estate is responsible for paying off the deceased person's mortgage.
- If the estate lacks funds, the property may be sold to satisfy the debt.
- Heirs can assume the mortgage if they qualify or pay it off to retain the property.
Would you like to know more about how to handle this process in New Mexico?