Ownership of mortgaged property will be transferred to financial institution if

Ownership of mortgaged property will be transferred to financial institution if borrower defaults. The mortgaged property can be transferred/inherited only with the written consent of the lender. This means that if a person passes away while the home loan was still running on the property that has to be bequeathed, the beneficiary (spouse, or children of the deceased) will have to pay the outstanding loan.