Legal Question in Wills and Trusts in Ohio

My parents are deceased. I am the TTEE of their estate. They have an equity loan balance of over 60K. which is largely due to nursing home expenses. The house has not been sold yet and I cannot keep paying for the loan and the taxes. Will I be held liable when the loan goes into default. I own my own property, can the bank put a lein on my property? Will it effect my credit?


Asked on 2/02/11, 8:39 am

1 Answer from Attorneys
Christine Socrates Meyers, Roman, Friedberg & Lewis

You will not be held personally liable for the loan balance unless you are personally on the obligation. If you stop paying the loan it may go into foreclosure. You should contact the bank to see what options you may have. You should evaluate what the market value of the house is and whether you will be able to sell the home for at least what the loan balance is then decide what your next step is.

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Answered on 2/09/11, 8:07 am


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