Let's say I pay off my deceased mother's home, thus taking over ownership and getting deed in my name. Could a creditor come after me for her debt since it was her home? This home is in Georgia.
Also, there is equity in the home based on fair market value but it would only sell to cover the loan. There are no liquid assets left to pay the mortgage.
Yes, I will be talking to a lawyer about this so no need to tell me that. Thank You.
2007-11-07 07:28:43 · 5 answers · asked by Veritas et Aequitas () 7 in Business & Finance ➔ Renting & Real Estate
i would do a title search to see if there's any liens are lis pendes...if not then put it in your name.
once it's in your name...there isnt much they can do
2007-11-07 07:33:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The estate of your mother is NOT bankrupt if there is equity in the home. If there are outstanding bills the estate cannot be closed until all are paid. with that having been said if the estate was properly probated after her death and the estate has been closed then Carolina is correct.
2007-11-07 07:37:50 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
If it's not a government agency no. Thats why its an unsecured debt. It has no collateral for the bank to take.
2007-11-07 07:36:03 · answer #3 · answered by taz4x4512 4 · 0⤊ 0⤋
no, any creditors who wanted to "file" anything has up
to one year after her death. The creditors have to file
with the Executor or whoever is in charge.
2007-11-07 07:35:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No they can't. Make sure her name is not on the Deed.
2007-11-07 07:37:08 · answer #5 · answered by Bobby K 3 · 0⤊ 0⤋