who would be responsible if the house went into forclosure? The Estate or minor child?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
who would be responsible if the house went into forclosure? The Estate or minor child?
My finacee passed away suddenly, his father cosigned for the house when he purchased it. After 5 years they can not talk about the house but want to unload it. If they let the house go into forclosure who would be liable? They say his dad has no ownership but if financially respons. for it. Our daughter does have assets from his death, his father is the extecutor of the estate. I want to protect my daughters assets which are held in a trust protected by the courts, which if she would be liable could hurt her of course. PLEASE HELP
Asked on May 11, 2009 under Real Estate Law, Ohio
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
First, my condolensces to you and yours.
Second, it doesn't matter who had title in terms of owing on the mortgage. If his father co-signed, he acted as a surety in case his son couldn't pay -- so, father is on the hook for late payments and ultimately any deficiency if property is foreclosed on and lender gets less than what is owed. The estate may owe, as well, depending on how the contract (mortgage note/promissory note) is written. Not sure how it works with minors who are beneficiaries. Usually, the minor's share is in trust and can't be touched until reaching the age of majority.
Talk to an estate planning attorney in Ohio about how this specific situation may play out in terms of the estate. Try www.attorneypages.com.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.