Living Trust and Mortgage

[Bunz]

Good Afternoon,

I am an only child and my parents are divorced. My Dad has a will an I am the sole beneficiary. My mom is soon placing her house in a living trust with me as the sole beneficiary. My question is what will happen to the mortgage upon her death; will I simply assume it and continue to make payments or can bank demand that I pay the balance in a given timeframe at risk of foreclosure? I am in Chicago.

Thank you in advance for time and consideration.

 

[dee_dub]

What happens with the mortgage depends on the terms of the mortgage. Some are assumable, some aren't. If it's not, you probably won't be foreclosed on - you can just pay out the mortgage and refinance.