(a) If the deceased left any property, real or personal, under mortgage, and did not devise or provide for the redemption of the same by will, the court, upon the application of the executor or administrator, or the application of an heir or creditor or other person interested in the estate, may order the executor or administrator to redeem the property out of the proceeds of the other personal property, if it appear that the redemption would be for the interest of the estate, and not prejudicial to creditors.
(b) If the debt secured by the mortgage is not due at the time of the making of the order for redemption, the party to whom it is payable shall be entitled to receive in satisfaction thereof such sum as may be ascertained to be equal to the present value thereof.