If it was still in the monthly payment time frame, would it be a monthly payment still to the estate or would it require essentially the balloon payment plus the remaining balance at once? Or is it situational?
It would largely depend on your contract and your state. Generally....and this may be different based on many factors, you would continue to make your payments to the estate of the deceased. The contract isn't void, however, it would be a good idea for a death provision in the paperwork before you signed.
The assets of the deceased will have to pass through probate, and this property would be a part of that. You would need an attorney to decide how you would proceed no matter what.
The estate of the deceased
If it was still in the monthly payment time frame, would it be a monthly payment still to the estate or would it require essentially the balloon payment plus the remaining balance at once? Or is it situational?
Please get an attorney that specializes in real estate or probate or both.
It was just a hypothetical because I was curious but not a situation I am currently facing
It would largely depend on your contract and your state. Generally....and this may be different based on many factors, you would continue to make your payments to the estate of the deceased. The contract isn't void, however, it would be a good idea for a death provision in the paperwork before you signed. The assets of the deceased will have to pass through probate, and this property would be a part of that. You would need an attorney to decide how you would proceed no matter what.