What happens when...

moonbeamsatdawn

I have some questions regarding having a mortgage, having a will, and remarrying with equity. .. I can’t seem to see the right category for me .. so please feel free to move this post appropriately.
basically my first question may seem weird and random but I would really like to know what happens if you live alone with a mortgage and equity. -and die. How is it all sorted out ? Would there be lots of missed payments untill it was? Would the equity then be eaten up by all the missed payments and interest? Do the lenders put the house up for cheap auction? Or do the beneficiaries of the will sell the house? If so What happens to all the mortgage payments every month? 

My next question is I need lots of info about wills so where can I post about that?
thank you in advance 

davidmcn

Your executors sell the house, the mortgage lender will generally be happy to wait until that happens (assuming progress seems to be being made) rather than start repossession proceedings.

moonbeamsatdawn

Ah I see thank you 

MovingForwards

You can post you questions about a will on the death sub-forum

moonbeamsatdawn

Thank you I’ll try and find it 

Thrugelmir

Make a will and name some executors ASAP.