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Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102141
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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My mother recently passed away and I inherited her home. She

Customer Question

My mother recently passed away and I inherited her home. She did not have a mortgage on the home but she does have a home equity line of credit with BMO Harris bank. I am not on that loan, am I responsible for this loan? I now live in the house as my permanent residence.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Wisconsin
JA: Has anything been filed or reported?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: The bank was notified of her death in July.
Submitted: 8 months ago.
Category: Legal
Expert:  Ely replied 8 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about your loss.

Did you place your name on the mortgage? The Garn–St. Germain Depository Institutions Act allows the mortgage to be transferred by inheritance to a related owner-occupant who would inherit the property. This is done as part of a formal probate process. If this was done, then you'd be personally liable for the mortgage, yes.

Otherwise, you are simply living on the property. You are not automatically responsible for the mortgage, but the lender can and likely will foreclose on the property if it is not paid, meaning you'd lose it. In addition, if probate was not filed, the lender will then issue the eventual deed in her name, complicating you having clear title to the property. So probate is not a bad idea.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 8 months ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!

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