If a house was willed to me and has an equity line of credit against it, do I have to repay it?
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If a house was willed to me and has an equity line of credit against it, do I have to repay it?
Asked on November 19, 2015 under Estate Planning, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If it is not repaid, the lender can foreclose on (that is, take) the house. So you don't have to repay it if you don't want the house--you can disclaim (refuse) the inheritance and let the lender have it. But the debt has to be paid if you want to be able to keep the house.
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