QUESTION
What happens if I'm on the property with my father he passes away but there is a loan still on it
Asked on Jan 14th, 2020 on Estate Planning - Illinois
More details to this question:
When my dad bought the property we did a quick claim I am on the property and the taxes for the property when my dad did the mortgage for the property I am not on the mortgage so my question is what happens when he passes does the property become mine or do I have to satisfy that loan then the property becomes mine
1 ANSWER
2 Awards
The loan is secured by the property. With the lender's permission, you can pay off the loan. The lender can also foreclose.
Please note that a quitclaim deed is not a "quick claim deed" and does not transfer title to (ownership of) land. It only records that one person quits their claim to disputed land, such as an easement or alleyway.
Answered on Jan 15th, 2020 at 5:08 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.