How is a house left to one person affected when the home equity loan is deliquent.

UPDATED: Oct 1, 2022

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How is a house left to one person affected when the home equity loan is deliquent.

Mother died 2 years ago. Will hasn’t been probated yet. Will left estate to the five siblings equally shared, but left the house to one brother. HE loan hasn’t been paid and bank is foreclosing. Deed is in brother’s name, but loan is a debt of the estate. If the house sells either before or at auction, does the surplus after debt is paid go to the estate to be split per the will, or to the one brother?

Asked on April 7, 2018 under Estate Planning, North Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If the will left the house to one brother, then the brother is the one who receives any equity from that home. Consider the equity a "stand-in" for the house or its equivalent: the person who would get the house gets the equity.

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