Legal Question in Banking Law in Massachusetts
mother-in-law passed away with a balance on her equity loan. House was transferred before she died to her daughter, who has to pay the equity loan?
Asked on 7/16/15, 12:41 pm
1 Answer from Attorneys
Jonas Jacobson
Law Offices of Jonas Jacobson
There is a lien on the house, no doubt, from the equity line. So even if the house was transferred, it cannot be sold without paying off the equity line. If the question is whether the daughter or the mother's estate need to pay, if the line was a debt of the mother's, than - absent additional facts - which I caution very often exist in these kinds of situations, the mother's estate is responsible. Call if you want to discuss: 617-230-2779
Answered on 9/01/15, 9:20 am
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