Posted on: 21st Jan, 2011 11:39 am
our father-in-law has a quit claim deed that upon his death, the house is transferred to his 4 sons. he has a home equity loan, deliquent taxes and piles of credit card debt. at that time, do we inherit the debt on the home equity loan and the deliquent taxes ? i would like to just opt out of being one of the names on the quit claim deed...i don't want any of it, how do we do this ?
thank you
thank you
Hi laedersandra,
You won't inherit the home equity loan as your name is not mentioned on the mortgage docs. However, if you want to save the property, you'll have to pay off the dues in full. It is same with the delinquent taxes. You can sign a new quitclaim deed and transfer your share of the property to your father or other siblings.
Thanks
You won't inherit the home equity loan as your name is not mentioned on the mortgage docs. However, if you want to save the property, you'll have to pay off the dues in full. It is same with the delinquent taxes. You can sign a new quitclaim deed and transfer your share of the property to your father or other siblings.
Thanks