Posted on: 29th Jan, 2007 09:52 pm
if a father in colorado leaves real estate property to his adult children in his will that has a lien of which he and his wife (unrelated to the children) received the monetary benefit, is there any legal remedy for the children not to inherit the full debt along with their right to the property? the wife co-signed the lien and also signed a quit claim deed.
It's the cosigner's liability to pay off the debt.
Welcome Sid.
I think you should go through the Will carefully and find out what terms and conditions are mentioned there.
If the Will states that after your father's death, you will inherit the property with the debt, then it will be your liability to pay off the debt. Otherwise, if his wife still remains the cosigner, and the Will mentions that you inherit property without any debt on it, then it will be her wife's responsibility to pay off the debt.
You should contact the wife and keep in touch with her just to know if she is making the payments to clear the debt. Otherwise, the lender can in future foreclose on your property as you will then be the owner. Then you may have to pay off the debt to save your property even if it is the wife's responsibility.
Thanks.
I think you should go through the Will carefully and find out what terms and conditions are mentioned there.
If the Will states that after your father's death, you will inherit the property with the debt, then it will be your liability to pay off the debt. Otherwise, if his wife still remains the cosigner, and the Will mentions that you inherit property without any debt on it, then it will be her wife's responsibility to pay off the debt.
You should contact the wife and keep in touch with her just to know if she is making the payments to clear the debt. Otherwise, the lender can in future foreclose on your property as you will then be the owner. Then you may have to pay off the debt to save your property even if it is the wife's responsibility.
Thanks.
I agree with Mac, as she was a co-signer, the liability to pay off the debt would fall upon her only.