Tampa, FL asked in Real Estate Law for Puerto Rico

Q: My stepdad used the house as collateral in his personal loan now that he passed away my sister and I are wondering how

Will that affect us when doing declaracion De herederos For my mom side for the house?

Related Topics:
3 Lawyer Answers
Nelson Jose Francisco Alvarez-Aponte
  • Carolina, PR
  • Licensed in Puerto Rico

A: Hello and thank you for using JUSTIA. The house responds in the event the loan goes into default. Even though it was a personal loan the property is collateral of sais loan thus it shall respond for any default. Attempt to verify if said loan had a life insurance policy attached to it so that the loan gets paid off. If no insurance then the property responds and as such any default of said loan will be collected from the propwrty value.

Nelson Jose Francisco Alvarez-Aponte
  • Carolina, PR
  • Licensed in Puerto Rico

A: Hello and thank you for using JUSTIA. The house responds in the event the loan goes into default. Even though it was a personal loan the property is collateral of sais loan thus it shall respond for any default. Attempt to verify if said loan had a life insurance policy attached to it so that the loan gets paid off. If no insurance then the property responds and as such any default of said loan will be collected from the proper value.

Nelson Jose Francisco Alvarez-Aponte
  • Carolina, PR
  • Licensed in Puerto Rico

A: Hello and thank you for using JUSTIA. The house responds in the event the loan goes into default. Even though it was a personal loan the property is collateral of sais loan thus it shall respond for any default. Attempt to verify if said loan had a life insurance policy attached to it so that the loan gets paid off. If no insurance then the property responds and as such any default of said loan will be collected from the property value.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.