Posted on: 15th Sep, 2010 06:04 am
Hello,
My father owned a piece of property in Indiana which he placed a mortgage against. Since then he split the property into two tracts and re-titled each as Joint Tenants with Right of Survivorship, one to me and the other to his wife. This loan was never updated to reflect the changing of titles and still shows to be placed on the initial single property and solely in his name. My father has now passed away and I am trying to understand if I would then be liable for his loan or if it would go against the estate.
Everything I can find states that the loan would go against the estate and I would own the property free and clear, but I am unable to find good sources to back this.
Thanks.
My father owned a piece of property in Indiana which he placed a mortgage against. Since then he split the property into two tracts and re-titled each as Joint Tenants with Right of Survivorship, one to me and the other to his wife. This loan was never updated to reflect the changing of titles and still shows to be placed on the initial single property and solely in his name. My father has now passed away and I am trying to understand if I would then be liable for his loan or if it would go against the estate.
Everything I can find states that the loan would go against the estate and I would own the property free and clear, but I am unable to find good sources to back this.
Thanks.
Welcome frazierjlf,
If the mortgage is still in the name of your deceased father, then his estate is liable to pay the mortgage. Though the property is in your name, the lender will not be able to come after you to recover the dues.
If the mortgage is still in the name of your deceased father, then his estate is liable to pay the mortgage. Though the property is in your name, the lender will not be able to come after you to recover the dues.
I concur, as e found similar information on the web. What I have been unable to find is any law, cases, statutes or anything legal stating this. Would you be able to point me in the right direction to find this?
Additionally the mortgage company failed to file claim against the estate until after 9 months, thus baring them claim against the estate, but it sounds like they would now be out of luck at this point and could not come after me unless they choose to foreclose on the property.
Thanks for your response.
Additionally the mortgage company failed to file claim against the estate until after 9 months, thus baring them claim against the estate, but it sounds like they would now be out of luck at this point and could not come after me unless they choose to foreclose on the property.
Thanks for your response.
Hi frazierjlf!
Welcome to forums!
I would suggest you to contact an attorney and he will be able to guide you further in this matter. He will be able to guide you to exact statues regarding this issue as per your state laws.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I would suggest you to contact an attorney and he will be able to guide you further in this matter. He will be able to guide you to exact statues regarding this issue as per your state laws.
Feel free to ask if you've further queries.
Sussane