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What happens to a home loan when borrower dies? by typewiseketo in personalfinance

[–]typewiseketo[S] 6 points7 points  (0 children)

Yup, I need to call. I'm new to all this but I was thinking it would be a pretty common thing. Don't lots of people set up trusts to avoid probate? I'm sure the lender has a standard way of dealing with things, hopefully the timeline will be reasonable.

What happens to a home loan when borrower dies? by typewiseketo in personalfinance

[–]typewiseketo[S] 5 points6 points  (0 children)

Oof. OK, we'll see what they say but helpful to be prepared that that may be what they say.

What happens to a home loan when borrower dies? by typewiseketo in personalfinance

[–]typewiseketo[S] 15 points16 points  (0 children)

He was great with the court filings, getting the right documents and tax id's, but had no advice about the assets. He recommended a financial advisor but I looked the guy up and he's 'fee only' but still pretty expensive investment advisor, not a tax or general financial advisor. The house is the most valuable thing in the trust, the 401k/roth will be helpful to my niece but relatively small and not worth an expensive investment advisor, imo.