QUESTION
Am I responsible for a HELOC that is in my partner's name only? He passed away. We owned the house as JTWROS.
Asked on Nov 08th, 2012 on Real Estate - New York
More details to this question:
We have 1 mortgage and 1 home equity loan that are each in both of our names, but this third one is in his name only. As i understand it, as a JTWROS owner, the house passed to me immediately on his death, and is NOT part of his estate. His estate DOES have enough to cover the 300,000 that is in his name only. Is his estate responsible for paying it or does it remain a lien on the house which is my house now? What do I need to do to move forward with this?
1 ANSWER
1 Award
You need to get this paid to clear title to the property. Thus, you need to make an estate claim for the payment. There is a time period for this, and it needs to be done right. You should pay to avoid a foreclosure, and get reimbursed by the estate.
Answered on Nov 23rd, 2012 at 6:38 PM