If my father left his house to us but had a reverse mortgage and owes bank, if it is goes into forclosure.are we responsible if we walked away?
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If my father left his house to us but had a reverse mortgage and owes bank, if it is goes into forclosure.are we responsible if we walked away?
We want no part of it; relinquish rights. Received summons from law firm representing bank saying we need to pay dad’s debts on house.do we have to answer and pay court filing fee $135. To say we relinquish ownership or can we just ignore this summons?
Asked on April 27, 2014 under Estate Planning, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If your father's former home goes into foreclosure where you are not on the loan for the unit, then under the laws of all states in this country, you as your father's heris are not responsible for any deficiency as to the home.
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