Death in the family

[phinancer]

Hi guys/gals:

I've got a new situation for you all to comment on. My fiancee's sister lives in NY. She lives with her fiancee in a house that was mortgaged to the mom. The mom finally passed after struggling with brain cancer for nearly four years.

The family has kept current with the payments, but just like everyone is having money problems.

I want to be able to lend a little advice, but I'm always reluctant to give others my opinion, as I realize that real estate laws differ from state to state.

If the family would like to keep the house, but is finding it hard to stay current with the payments what should they do?

Should they write a letter to the bank and advise them that the mom has died. She is the only guarantor on the loan.

Thank you.

[Dan Bailey]

phinancer,
With all the ramifications that come with settling an estate, the best bet would be to go through an attorney I would think.