What if you inherited a mortgage?

Did you know that not only apartments, cars and bank accounts, but also debt obligations can be inherited? No? But this is exactly so. Even a mortgage apartment together with an unpaid mortgage loan can be inherited. What to do if such an inheritance "fell" on you?

There are only two options:

1. If you are not ready to burden yourself with a mortgage, you can refuse the inheritance, then the apartment will become the property of the bank. But here it is important to know that you cannot partially abandon the inheritance. You either give it up completely or you accept it entirely.

2. You can enter into an inheritance, renew your mortgage agreement and continue to repay the loan.

Inheritance term - 6 months. During this time, you must meet with a notary and declare your desire to enter the inheritance. Only after the expiration of this period, you become the full owner of all inheritance objects, including a mortgage apartment and a loan.

There is one important point that the heirs often do not think about. I'm talking about insurance. In many banks, the provision of a mortgage is accompanied by compulsory life insurance of the borrower. That is, in the event of his death, the insurance company is obliged to completely close the mortgage obligations.

But, as my experience shows, information about this is beneficial only to the heirs. The bank and insurance company are unlikely to tell you about the availability of insurance. Therefore, make sure that the notary finds out if life insurance was issued, and if so, under what conditions. Usually not all deaths are insured, but only a few. It is necessary to find out whether the situation with the testator is included in the insured event.

There is one unpleasant nuance in the work of insurance companies, which I have encountered many times. According to the law, the period during which the insurance company must be aware of the death of its client is 3 years. But some unscrupulous companies indicate a shorter period when registering insurance in the contract. This is done deliberately so that the heirs may not have time to submit information about the death, and the insurance company had a chance to refuse to pay the money. In this case, this issue will most likely have to be resolved in court.