QUESTION
am I responsible for line of credit debt between dead parent and her spouse?
Asked on Jan 17th, 2017 on Wills and Probate - Tennessee
More details to this question:
In TN. Mom died, no will. She married step father 5 years ago. House paid for, in her name. They got line of credit on house, and current balance is $30K. LOC is in both of their names. Step father wants to buy me and brother out of house, but wants us both to pay 1/3 of $30K debt. Are we legally responsible for debt with his name on it?
1 ANSWER
You and your brother are not responsible for the debt on the house but the house is collateral and along with your stepfather, are liable for the debt on the house. You and your brother each own 1/2, assuming no other siblings.
Answered on Jan 19th, 2017 at 9:41 AM