Posted on: 20th Mar, 2009 04:44 am
My friend's mother just recently passed. In her will she has the house quit deeded to my friend. My friend, her husband and their children have lived with her in the house since it was purchased.
Will my friend be responsible for the remaining mortgage on the house? Will the bank try to foreclose on the house if there is not enough money in the estate to pay off the house?
Will my friend be responsible for the remaining mortgage on the house? Will the bank try to foreclose on the house if there is not enough money in the estate to pay off the house?
Hi itsmetype,
If the property was quitclaimed to your friend, she is now the owner of the property. However, this doesn't make her responsible for the loan, unless she is on the mortgage. Yes, the bank can foreclose on the property if there is not enough money to pay off the loan.
If the property was quitclaimed to your friend, she is now the owner of the property. However, this doesn't make her responsible for the loan, unless she is on the mortgage. Yes, the bank can foreclose on the property if there is not enough money to pay off the loan.