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Loren
Loren, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 29073
Experience:  30 years experience in general legal matters.
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My husband died he had a loan on the property, I never

Customer Question

My husband died he had a loan on the property, I never signed for the loan, the proerty is under survivorship, am i responsible for the repayment of the loan?
Submitted: 6 months ago.
Category: Consumer Protection Law
Expert:  Loren replied 6 months ago.
Good morning. I am Loren, a licensed attorney and I look forward to assisting you. My condolences for your loss.Was the property held in joint tenancy with right of survivorship (with you) at the time the loan was made or was the ownership interest conveyed to you after the loan was made?
Customer: replied 6 months ago.
jiontbefore the loan.
Expert:  Loren replied 6 months ago.
Thank you for the additional information.You can not be held personally liable for repayment of the loan if you never signed a note. However, the property remains encumbered by the mortgage and the lender may foreclose if the loan is not repaid and they can seek a claim on the estate for any deficiency. As I said, though, that is all the lender can do. You are not personally liable for the repayment of the loan. They can not enforce it against your assets.
Expert:  Loren replied 6 months ago.
If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited by JustAnswer for assisting you. A bonus is not required, but is always appreciated.
Expert:  Loren replied 6 months ago.
Did you have further questions?
Expert:  Loren replied 6 months ago.
He could only encumber his share of the property and may have severed the joint tenancy by mortgaging it without you, depending on how it was done. You would want to have your local counsel review the loan documentation to see if it did, in fact, sever the joint tenancy and turn you into tenants in common.Either way, though, you are not personally liable for repayment. If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited by JustAnswer for assisting you. A bonus is not required, but is always appreciated.