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friend's father made a loan on house, died,adult daughter living in house alone.Is she responsible

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February 01 2013 - Gravesend
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Profile picture for doloreskane
Thanks "wetdawgs" for your very helpful answer.
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February 04 2013
Profile picture for wetdawgs
She needs to talk to the attorney (or executor) who handled the inheritance about this loan.  Apparently the deceased owned only a portion of the home, the rest was owned by the lender.  Death does not cancel loans when a house is used as collateral so she apparently inherited the loan along with the house.

The lender will foreclose on the home if she does not pay the loan, so she will not be able to keep the house.   

Please tell her to talk with the attorney who helped settle the estate or the executor of the estate to sort it out.
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February 03 2013
Profile picture for blub blub blub
You need to discuss this with the lender or an atty.  This is a legal matter regarding the loan and who is responsible for the balance.  Real estate agents can not provide legal council regarding matters such as this.
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February 03 2013
Profile picture for doloreskane
Will she have to move out of house if loan is not taken of; she did inherit the house.
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February 03 2013
Profile picture for doloreskane
Thanks for advising me for my friend. But, say if she can't pay off the loan, what then, and will she have to move out?
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February 03 2013
Profile picture for blub blub blub
You should consult a real estate agent.....

Really?  To do what?  This is a legal matter and has nothing to do with what an REA does or should be doing.

This has to do with an estate/inheritance and who is responsible for the loan and in no way is it a real estate issue.  A Realtor can not help in any way with this matter.
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February 03 2013
Profile picture for wetdawgs
A real estate agent should never be used for legal  advice.  
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February 03 2013
Profile picture for doloreskane
Thank you for answering my question "exactly." 
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February 03 2013
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Thank you for answer.
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February 01 2013
Profile picture for wetdawgs
If the house was used as collateral for a loan, the person inheriting the house is responsible for the loan, otherwise the lender may foreclose.

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February 01 2013
 
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