Those out of the USA

[ladytoysdream]

QUOTE.....
ALL mortgages, regardless of whether they went through a government low-interest loan or not, become the full responsibility of the children when the parents pass
UNQUOTE

We do NOT get our parent's bill when they die.
If we were to sign their loan with them, then yes. Otherwise no.

[greekislandgirl]

That sounds very fair. My husband and I have no interest whatsoever in living in the city where his parents live, and there is no way we would choose to own property there if it weren't for this situation. Fingers crossed that the mortgage gets paid off before we inherit the responsibility for it (although my husband doesn't believe that will happen).

Off topic but, what about other debt in the US? If my parents have $50,000 in debt, and I inherit $100,000 in assets from them, do the creditors take the $50,000? Just curious. Here the creditors get the money before the inheritors do.

[ladytoysdream]

Off topic but, what about other debt in the US? If my parents have $50,000 in debt, and I inherit $100,000 in assets from them, do the creditors take the $50,000? Just curious. Here the creditors get the money before the inheritors do.

I was trying to use my parent's estate as an example. My dad died first. My mom got their bills and had to pay them out of a small SS check. My brother had mom sign the 212 acre farm over to him within the week of my dad passing. His reason was she still would have a place to live instead of the nursing home. When she died, the hospital bills were null and void from my dad. At that point in time, I believe the farm was free and clear from debt. My brother borrowed money from the bank for tractors and other stuff. A lien against the farm. So when he could not keep up with payments in less than 2 years, the bank auctioned the farm off. I am sure they got enough money to pay the loan back. I don't think my brother owed the bank anything. But he had to move off the farm. The original plan was to sell the farm after both our parents died and divide the money up equally between us 4 children. My brother the greedy one, got it all......the farm, any bills, and the loss.
We 3 girls got nothing...we NEVER signed anything.

[jas]

This was my families situation. My dad had a house, we bought it from him dh and I (he took out/off my 1/4 share on the price of the house) He owned it outright.
He then lived with us till his death.

Had he died with debt and had assets they would be settled first then anything left over would have been divided between be and my three brothers. If the house still had a mortgage one of us could have bought it and paid the other out. Or if none of us wanted it we would have sold it, paid the remaining balance and divided the profit. We would have been responsible to keep up the mortgage payment as long as we wanted to keep the house, like say to get it ready to sell ect. If there was no money, or interest in doing that the house would have gone back to the bank.

Here you can disinherit your kids or leave them less than an equal share. Case in point my older brother and dad did not get a long at all, my dad left mybrother some money and his new car, but not an equal share. He really was lucky he got that IMO he treated my dad awful. My half sister and my dad had always had a strained relationship she had told him NOT to leave her anything, In his will he did just that, nothing. We the four of us put in a bit of each of our share and gave it to her. She never knew, we just thought is was harsh. It made us feel better. She got a lot less, but she didn't even know anything about my dads finances, neither did my above mentioned brother.

Sorry to ramble