who would be responsible if the house went into forclosure? The Estate or minor child?
Question Details: My finacee passed away suddenly, his father cosigned for the house when he purchased it. After 5 years they can not talk about the house but want to unload it. If they let the house go into forclosure who would be liable? They say his dad has no ownership but if financially respons. for it. Our daughter does have assets from his death, his father is the extecutor of the estate. I want to protect my daughters assets which are held in a trust protected by the courts, which if she would be liable could hurt her of course. PLEASE HELP
Real Estate Law Answers
First, my condolensces to you and yours.
Second, it doesn't matter who had title in terms of owing on the mortgage. If his father co-signed, he acted as a surety in case his son couldn't pay -- so, father is on the hook for late payments and ultimately any deficiency if property is foreclosed on and lender gets less than what is owed. The estate may owe, as well, depending on how the contract (mortgage note/promissory note) is written. Not sure how it works with minors who are beneficiaries. Usually, the minor's share is in trust and can't be touched until reaching the age of majority.
Talk to an estate planning attorney in Ohio about how this specific situation may play out in terms of the estate. Try www.attorneypages.com.
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