Posted on: 21st Sep, 2013 12:54 pm
I am on a quitclaim to my mother's house as a Joint tenant right to suvivorship.
My mother is 90yrs and acquired a Line of Credit (LOC) 6 yrs after the quitclaim.
What happens to the LOC when she passes?
If the house is given to bank will that affect my credit rating?
My mother is 90yrs and acquired a Line of Credit (LOC) 6 yrs after the quitclaim.
What happens to the LOC when she passes?
If the house is given to bank will that affect my credit rating?
Welcome FT,
After your mother's death, her estate will be liable for paying off the home equity loan in full. If your name is not mentioned on the mortgage docs, then it won't impact your credit rating.
After your mother's death, her estate will be liable for paying off the home equity loan in full. If your name is not mentioned on the mortgage docs, then it won't impact your credit rating.
Hi FT!
Welcome to the forums!
The line of credit needs to be paid off. The lender can either recover it from the estate or may sell off the property to recover it.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
The line of credit needs to be paid off. The lender can either recover it from the estate or may sell off the property to recover it.
Feel free to ask if you've further queries.
Sussane