Q: My mother Quit Claimed her home to my sister and I at the time of her death in 2018. Are we responsible for a balance on
a home improvement loan she had on the property?
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- Ohio
- (216) 417-5111
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A: You are not personally responsible for the loan, but there is likely a lien on the house as a result of the loan allowing the lender to foreclose on the property if the loan is not satisfied.
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A: A Title Search, or at least a lawyer examination of the last Deed, is advisable as your Deed might have Debt Assumption terms in it. Ask the lender if there was credit life insurance. If neither owner wants it, then sell now before Foreclosure.
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