Q: Good evening is it possible to have a deed for a house with 2 people but one gets a secured loan. Now the kids are liabl
My mom took out a loan without my dads consent m. They are both deceased and we are liable
If you did not sign a note, you would not be personally liable. However, if the note is secured by a mortgage, the ownership interest of whoever executed the mortgage would be encumbered by the mortgage lien.
Based on the facts you indicated, your mother’s share would be subject to the mortgage lien. However, I would look closely at the documents (or have an attorney review) because most (probably all) lenders would not issue a secured loan with the consent of only one property owner—it would be very unusual. You would want to review the deed, the mortgage document(s) and the note(s)—the former two would be recorded with the county clerk—to determine the rights and interests of everyone involved in the property.
Because if the uniqueness of the scenario you described, I’d recommend consulting with a qualified attorney.
A: You are only liable if you want to keep the house. You are not personally liable.
I'm sorry for your loss.
It sounds like the house itself and possibly (probably) your parents' estate could be held responsible for the debt.
If there's a foreclosure filed, consult with a foreclosure defense attorney ASAP. If not, start with probate counsel.
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