Beneficiary on a home that has a mortgage. What are my responsibilites and entitlements?

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Asked 3/24/2010

I am the beneficiatry of my father's house which has a mortgage. When he passes, do I automatically inherit the home and continue to pay the mortgage, taxes, etc. or is it necessary to have my name on the home before he passes? Are there inheritance taxes to pay? Does the home automatically come into my hands? Will the mortgage company automatically receive me as the new owner?

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Answer 1/1 - Submitted 3/24/2010

Depends on whether there is a will or not, mortgage insurance, your credit arting and ability to pay the mortgage, etc. Hopefully our resident lawyer tpe SRDEsq will be on. His anser are always better than anyone's where the law is concerned. I had a similar situation about 15 years ago and I went through the same hoops so my answer is based on my experience.

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