Posted on: 13th Jan, 2009 12:33 pm
We are in pennsylvania and my mother and i jointly own a house. she took a home equity line of credit on the house and the line of credit is NOT in my name. she passed away with 23k owed on the line of credit. if we intend to retain the house, and her estate is not sufficient to cover the debt, then is the debt attributed to her and therefore not recoverable? by this i mean that we shouldn't be forced to sell the house to cover the debt because it was hers, not mine, right?
hi daw!
welcome to forums!
if the property has been inherited by you, then you can refinance the loan in your name. once the loan is transferred in your name, you can then start paying the mortgage payments. as far as i know, as the property was a collateral, the lender may have the right to sell it off and recover the debts if you are not paying the mortgage dues.
feel free to ask if you have further queries.
sussane
welcome to forums!
if the property has been inherited by you, then you can refinance the loan in your name. once the loan is transferred in your name, you can then start paying the mortgage payments. as far as i know, as the property was a collateral, the lender may have the right to sell it off and recover the debts if you are not paying the mortgage dues.
feel free to ask if you have further queries.
sussane