ANSWERS: 3
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Most mortgaged property requires the owner/borrower to have life cover. Check with the bank - his death benefit from the life cover should cover the outstanding amount.
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the same thing happened to me and my sisters but the property was auctioned off I would like to know what can we do?
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You can just let the property foreclose, but if there is a deficiency, the creditor will get paid from the rest of the estate before anyone else takes.
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