does living children have to get into debt to pay off mothers mortage
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
does living children have to get into debt to pay off mothers mortage
my mom who is now deceased has her land divided between the 3 children, unfortunately she has an unexpected loan out on her farm, I received a portion of this which is located the woods, I have no interest in this property but have been told I need to come up about 80.000 to pay off my inheritance that I would receive to the debt/ loan collector.I have a house and car loan and have a single income, would not want or be able to pay for an additional loan.
Asked on May 1, 2018 under Estate Planning, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If you accept the home (or a share or, or interest in, the home), then if you (and the other heirs) want to keep it, you'd have to pay off the balance of the loan: the loan came due when your mother passed away. But if you reject (called "disaffirm") your inheritance to the home, you of course would not have to pay anything--and you have an absolute to disaffirm this inheritance, since no one can be forced to take or inherit something against their will.
Or even if you take the home, you could then refuse to pay and (unless the other children come up their all the money, including your share) let the home be foreclosed.
That's the important thing: the home is at stake--if the loan is not paid, the lender may foreclose on the home. But the heirs are NOT personally liable for the loan and can refuse to pay without any impact on their credit andwithout being sued: it is not your loan, but only the person(s) who took out the loan are liable for it. So if you are willing to give up the home or let it be foreclosed upon, you don't have to pay.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.