What to do if I inherited a property that has an interest only second on it?

UPDATED: Sep 30, 2013

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What to do if I inherited a property that has an interest only second on it?

The Will has gone through probate and I’ve continued to make payments on the loan over a year. The house is upside down. Am I obligated to take on the debt and have the loan transferred to me?

Asked on September 30, 2013 under Estate Planning, Virginia


Nathan Wagner / Law Office of Nathan Wagner

Answered 9 years ago | Contributor

If the probate is not completed, you can disclaim the property.  That means the probate court proceeds as if you had died before the person you're inheriting from. The next heir after you would inherit the property.

The loan comes with the property. If you take the property, you you take it subject to the mortgage loan.  

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