My father owned a piece of property against which he placed a mortgage. Since then, he split the property into two tracts and re-titled each as Joint Tenants with Right of Survivorship, one to me and the other to his wife. This loan was never updated to reflect the changing of titles and still shows as the initial single property, solely in his name. My father has now passed away and I am trying to understand if I would then be liable for this loan, or if it would go against the estate. Everything I can find states that the loan would go against the estate and I would own the property free and clear, but I am unable to find any legal information to back this.
Untitled
The change of ownership would have been completed subject to the mortgage, in most states, so the mortgage loan is most likely still secured by the full property. If the loan isn't repaid, the bank can foreclose against both you and your father's wife as the current owners. Talk to an attorney to determine what your options are.
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The change of ownership would have been completed subject to the mortgage, in most states, so the mortgage loan is most likely still secured by the full property. If the loan isn't repaid, the bank can foreclose against both you and your father's wife as the current owners. Talk to an attorney to determine what your options are.
