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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Estate Law
Satisfied Customers: 16146
Experience:  Licensed Texas General Practice Attorney
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My boyfriend has passed away he left his home to my son via

Customer Question

my boyfriend has passed away he left his home to my son via quit claim deed, but had a HELOC loan on the property, what will happen now?
Submitted: 8 months ago.
Category: Estate Law
Expert:  ScottyMacEsq replied 8 months ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. One moment please...

Expert:  ScottyMacEsq replied 8 months ago.

I'm sorry to hear about your situation, and my condolences on your loss. Any gifts that are given via a beneficiary designation either on a deed, trust, will, or any inheritance if there's no will, would still be subject to any outstanding debts, especially secured debts (mortgages, home equity loans, and home equity lines of credit). Now the death is an event that could "accelerate" the loan, meaning that they could seek repayment, or they could allow for refinancing of the debt, etc... Often if the debt continues to be paid on time, they won't immediately accelerate the loan but will take a "wait and see" approach to see if the debt is paid off. But they can still collect on that debt that is secured by the property. It does not disappear, and it does take precedence over any beneficiary designation in a will, trust, or via intestate succession.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Thank you, ***** ***** luck to you!

Expert:  ScottyMacEsq replied 8 months ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacEsq replied 8 months ago.

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions)

Expert:  ScottyMacEsq replied 8 months ago.

Should I continue to await your response, or may I assist the other customers that are waiting?

Expert:  ScottyMacEsq replied 8 months ago.

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it 3 or more stars (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

Expert:  ScottyMacEsq replied 8 months ago.

Please note that you have to rate this answer before I can answer any follow up questions...