My grandfather has a mortgage on his home. He left the home to me in his Will. After he passes away, will the mortgage company allow me to continue to make the payments and live in the house, or will they take the property and sell it, or demand full payment of remaining balance be made?
In many cases, when your grandfather passes away the mortgage will be in default. The estate has to be carried out, and that may include payment of the mortgage debt with insurance or the sale of assets. If there is money owed and it is not otherwise available, you may be asked to secure your own loan. The lender could let you take over the existing payment. That may depend on how long that would take, your credit, etc.
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In many cases, when your grandfather passes away the mortgage will be in default. The 