If a person dies and has no children and no spouse, is anyone responsible for the debt on the house which is about to go into foreclosure?

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If a person dies and has no children and no spouse, is anyone responsible for the debt on the house which is about to go into foreclosure?

My brother passed away. He owes more money on his house than it is worth. We found out that he did not pay the mortgage for a while. His bank is beginning foreclosure procedures. Our parents are still living but he has no

children or spouse. Will anyone be found financially responsible if we just let the foreclosure continue?

Asked on July 29, 2019 under Estate Planning, New York

Answers:

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

Answered 1 year ago | Contributor

No, no one is responsible for such a debt. A family does not inherit debt. That having been said, the estate is still liable for it. This means that to the extent that your brother left assets, they can be claimed by this and other creditors.

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

Answered 1 year ago | Contributor

No, no one is responsible for such a debt. A family does not inherit debt. That having been said, the estate is still liable for it. This means that to the extent that your brother left assets, they can be claimed by this and other creditors.


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