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right of survivorship

Posted on: 13th Aug, 2010 04:11 pm
My mother in law passed away a few days ago. She put her house in my husband's name and his brothers name. The house is in Florida. They signed a right of survivorship shortly after she bought the house. A few years later she wanted to take a line of equity loan on the house. Both of them had to go and sign before she could take out the loan. Do they have to pay the remaining balance on the line of equity loan now that she is deceased? She paid for the home when she bought it, so this line of equity is the only amount owing on the house.
Hi debo,

If the mortgage is in the names of your husband and his brother, then both of them will have to pay it off so that the property is free and clear of all liens. If the mortgage is in your mother-in-law's name, then they are not personally liable for the mortgage dues but in order to save the property from being foreclosed by the lender, they will have to pay it off.

Thanks
Posted on: 13th Aug, 2010 09:01 pm
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