Legal Question in Wills and Trusts in California
My ex-husband paid off his $200,000.00 condo and took a $140,000.00 loan on it. Payments $1,100.00 per month to the bank. He died suddenly. Daughter (next of kin) inherits condo. Does she pay the $140,000.00 off? How does this work? Does she pay the bank $1,100.00 a month and transfer the condo to her?(no will to be found)
1 Answer from Attorneys
Well, sure, she takes the condo subject to the loan. She could pay it off if she has the money or just continue making the mortgage payment on it. Somebody has to be responsible for the loan, if not then, the bank will foreclose on the condo.
Larry L. Doan
Note: The above response is provided for legal information only and should not be construed as legal advice, nor to create an attorney-client relationship, which can only be established through payment of consideration. We do not offer free advice except for the information provided herein on LawGuru which has been screened.
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