Q: Would the children of deceased parent be responsible for 5k lien against her 90k house?
Succession is complete. House is in children names.
Loan was for pool in Aug 2016. Lien was put on house at same time. Price of pool $10,655.54. Down-payment of $5,000. Oringinal principal financed $5,655.54.Payments totaled $7,701.49. Remaining principal balance when she passed in Feb. 2022 was $4905. Will these loan sharks have to be paid before house can sell? Property lien expire after 10 years so if we decide not to sell house at this time could they do anything to force us?
A: Did you have an attorney involved in the succession? If so, please speak to the attorney about this. If the lien was not resolved through the succession , then the property was transferred subject to the lien so if at the the time the house sales there is a valid lien, then the lien must be resolved.
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