QUESTION
When father dies, would son be responsible for unpaid loan to bank?
Asked on Jul 04th, 2016 on Estate Planning - Oregon
More details to this question:
There is a warranty deed - survivorship, with the father not as tenants in common with his son.
1 ANSWER
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Are you asking about a mortgage loan on the property that is the subject of the deed? Then yes, the son is responsible for the loan, in that, if the loan is not paid the lender will foreclose against the owner of the property.
Answered on Aug 03rd, 2016 at 5:31 AM