Q: In NC are heirs responsible for secured debt, we did not co sign the loan but have been in contact with the bank.
He had a will (I am sole executor) his house was left to me & has been changed at the tax office. 2018 property taxes were paid by me. Land my brother currently lives on was willed to him. Ma passed in 2015. We are the only heirs. The 3 month estate notice was placed in paper and the bank did not send official notice of this debt but I did make a payment out of the estate acct & have been in contact. Are we still responsible? My brother keeps claiming he wants 2 pieces of the equipment but doesn't want to pay just yet or help me sell them, I'm ready for them to reposess but bank doesnt want to. 3 pieces of equipment are listed (nothing else) the debt totals 55,000.00. I do not have 55,000 and have already paid out of pocket to file the estate & some debts. Brother pd off truck willed to him. Do I need a quit claim deed in my name for the house? Does he? Tax office said the will was the same as deed but I'm not sure. Can the bank come for the house? Can I petition court for write off?
A: The real estate is not technically part of the estate, but you could get your expenses out of the property - assuming they are significant enough to make it worth doing so and there is enough equity. The debt stays with the property and becomes the responsibility of the new owners to deal with (or allow the property to be foreclosed on). The bank’s failure to respond to the creditor notice does not remove or invalidate their deed of trust. There are several issues that may need to be dealt with so I recommend speaking directly with an attorney. Feel free to give me a call.
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