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JaxLaw
JaxLaw, Lawyer
Category: Legal
Satisfied Customers: 1726
Experience:  Estate Planning (i.e. wills, trusts, power-of-attorney doc.s, living wills, etc.), Probate and more
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My mother passed away recently. The house was left to me through

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My mother passed away recently. The house was left to me through survivorship. We are both on the deed. Prior to her death, my mother took out a home equity loan in her name only. Even though I did not sign the loan note, am I still liable for the home equity since the house was left to me.

DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.

 

Yes and no. You are not technically responsible for the debt if you did not sign as a co-signor or guarantor, but if the payments are not made, the bank can foreclose on the property and take it. Your credit would not be affected but you would lose the house.

 

DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.

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Customer: replied 7 years ago.
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