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benefaciary deed is when your relative dies

and you get their property but would you be responsible for their unpaid loan?

we switched the deed to this so that there would be no taxes paid on it but not sure if that means when my father dies and i get the property if i would be responsible for the mortgage then. no way could i afford 2 mortgages.

 
melody77

Asked by melody77 at 5:15 PM on Jan. 26, 2009 in Money & Work

Level 18 (5,435 Credits)
This question is closed.
Answers (1)
  • I'm not sure I know what you are asking, but when someone dies but still has outstanding loans, those loans aren't just wiped clean, someone has to pay. When my dad died and the truck and motorcycle that were in his name went to her, she was responsible for the payments.

    If you can't afford 2 mortgages you could always sell one of the houses or rent it out.
    ErinMarie123

    Answer by ErinMarie123 at 5:37 PM on Jan. 26, 2009

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