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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55318
Experience:  29 years of experience practicing law, including tax and estate planning.
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My mother and father passed away last year.They had a condo

Customer Question

My mother and father passed away last year.They had a condo worth 35000 they had bills over 97000,I refuse to pay for there mistakes and now I was served papers listing me and my sister along with my parents being sued by the bank that holds there mortgage.The condo is in my mothers and father's name I had nothing to do with this and now I need to know if they can get a judgment against me.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Good morning. My name is ***** ***** I look forward to helping you. It will take me just a few minutes to type a response to your question. Thanks for your patience!
Expert:  Richard replied 1 year ago.
You need not worry about this. You have no personal liability for, or obligation to pay, your parents bills if there were not assets to pay for those debts and liabilities. These papers you were served are simply procedural as part of a foreclosure by the lender. They must provide notice to the owners (and the potential heirs of owners if the owners have died). If you do nothing, the bank will simply foreclose on the property to collect their debt. If there are not sufficient funds from the foreclosure sale to pay the debt in full, you have no liability for this shortfall. The lender must simply write off the deficiency. But, the lender is required to include you on any and all notices so that you would not later be able to claim you had an interest in the condo and were not provided the required notices. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!