If my father has just passed and the house in now mine but he had a line of credit on the it, am I responsible for the line of credit?

He did not have a Willand nothing went to probate.

Asked on August 14, 2012 under Estate Planning, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you inherited the home subject to a recorded trust deed or mortgage securing a line of credit on it, you take the home subject to the amount owing on the line of credit unless his Will or trust states that assets from his estate are to be used to pay off this line of credit in part or in full.


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