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I Have had 2 of my best friends recently pass,they willed me…

Customer Question
I Have had 2...

I Have had 2 of my best friends recently pass,they willed me the houise with his niece; there is a heloc on it,,are we responsible for the heloc? or did it die with them? Atlanta ga

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Georgia

Lawyer's Assistant: Has any paperwork been filed?

Yes the deed has been before he passed,there is no mortgage,only the heloc.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The mortgage is paid off ; only the heloc remains

Submitted: 6 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
1/10/2018
Real Estate Lawyer: Barrister, Lawyer replied 6 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,566
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

there is a heloc on it,,are we responsible for the heloc? or did it die with them? Atlanta ga

.

Unfortunately yes, debts don't die with the person. They transfer to the heirs and if the estate doesn't have enough assets to pay them off, then the heirs will either have to do so or the bank will foreclose and force a sale of the house to collect their money. The heirs would then get whatever was left over after the sale occurred.

.

.

thanks

Barrister

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Customer reply replied 6 months ago
ok , so in order to keep the house,we have to qualify for a joint heloc to keep the house.
Real Estate Lawyer: Barrister, Lawyer replied 6 months ago

That or you could just sell the house and split whatever is left over... Or take out a mortgage loan to pay off the HELOC if you can both agree to do so..

.

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Real Estate Lawyer: Barrister, Lawyer replied 6 months ago

That or you could just sell the house and split whatever is left over... Or take out a mortgage loan to pay off the HELOC if you can both agree to do so..

.

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