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Message
A little legal info regarding elderly father's house needed
Posted on 8/22/16 at 11:05 am
Posted on 8/22/16 at 11:05 am
My dad (87 yrs. old) just remortgaged his house (not the "family" home; just a house he bought himself) three years ago so there is 27 year mortgage on the house and the payoff is around &75000. He does not have mortgage protection. His children are not in his will.
When my dad passes, are me and my siblings now responsible for a 27 year mortgage for a house we don't live in, didn't buy, and don't want? Obviously we don't want anything to do with it. What happens to the house when he passes? Thanks for your help!
When my dad passes, are me and my siblings now responsible for a 27 year mortgage for a house we don't live in, didn't buy, and don't want? Obviously we don't want anything to do with it. What happens to the house when he passes? Thanks for your help!
9
Posted on 8/22/16 at 11:08 am to jim712
How many heirs are there and what is the assumed marital status at the time of death?
Posted on 8/22/16 at 11:09 am to jim712
why can't the estate sell home?
Posted on 8/22/16 at 11:10 am to jim712
quote:
His children are not in his will
Who is the house willed to? I'd imagine they would be responsible for payments.
Posted on 8/22/16 at 11:10 am to jim712
Look up "renunciation"
Posted on 8/22/16 at 11:12 am to jim712
99% of the time, debt does not pass to children. You are safe in this case.
Posted on 8/22/16 at 11:17 am to jim712
quote:
His children are not in his will.
quote:
dad passes, are me and my siblings now responsible
come on man, who's getting the dang house?
Posted on 8/22/16 at 11:20 am to jim712
quote:
are me and my siblings now responsible for a 27 year mortgage for a house we don't live in, didn't buy, and don't want
You are not responsible. Now having said that, if he left assets to anyone, any loss his estate takes on the house will come out of the estate before anything goes to the heirs.
Posted on 8/22/16 at 11:49 am to Eric Stratton
quote:
How many heirs are there and what is the assumed marital status at the time of death?
He's married but not living with his wife. There are five children. Thanks
Posted on 8/22/16 at 11:50 am to jim712
Also, he has virtually no assets.
Posted on 8/22/16 at 12:14 pm to jim712
heirship plays into this if its a louisiana property, will or not.
Posted on 8/22/16 at 12:27 pm to jim712
How much is the house worth?
Posted on 8/22/16 at 12:31 pm to jim712
quote:
When my dad passes, are me and my siblings now responsible for a 27 year mortgage for a house we don't live in, didn't buy, and don't want? Obviously we don't want anything to do with it. What happens to the house when he passes? Thanks for your help!
It is a debt of the estate. If the estate cannot pay it then the mortgage company will foreclose on the house. Assuming there are no strange laws in LA regarding the homestead.
This post was edited on 8/22/16 at 12:32 pm
Posted on 8/22/16 at 1:01 pm to jim712
If he's married then it will most likely be split community property will go to the wife, and the separate property will go to the 5 children but the wife will have a usufruct over the property (Meaning that she will have the right to use the property), more than likely what will happen is yall will have to sell the property and pay off the remaining mortgage, unless one of the heirs wants it and theyd have to buy out everyone elses interest
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