If you inherit a house are you responsible to pay off the mortgage?

Get Legal Help Today

 Secured with SHA-256 Encryption

If you inherit a house are you responsible to pay off the mortgage?

My mom passed away a couple years ago. The house went to my brother and I, which I I

live in now. My mom had taken a loan out and still owes the bank money. Are we responsible for paying off the loan?

Asked on December 6, 2016 under Estate Planning, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes and no.
Yes in the sense that unless the loan is paid, the bank has the right to foreclose and take the house; so if you want to keep the house, you have to make sure the loan is paid or refinanced in your name(s).
No in the sense that if you are not a signatory or party to the loan, they can't personally pursue you for the money--all they can do is take the house, since the loand is not a debt of you personally (they can take the house because regardless of who currently owns it, the home secures the mortgage). So if you willing to lose the home, you do not need to pay.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption