Do i have to pay loan

Both of my parents died and theres a
loan out on the house and im not the
hier

Asked on December 20, 2018 under Estate Planning, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

Did you co-sign on the mortgage or otherwise gurantee its payment? If not, then you have no contractual relationship with the lender so cannot be held responsible for its payoff. 

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

You are not liable for it unless you consigned or guaranteed it--only the people who agree to be on a loan are liable for it. If the loan is not paid, the lender will presumably foreclose, but if you are not the one iheriting the house, that should not be an issue.


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