Legal Question in Banking Law in Missouri
My father just passed away and has a commercial loan mortgage. Our family is looking into letting the property go back to the bank. Do we face any legal problems?
1 Answer from Attorneys
If it was your father that had the laon, and not a coproation that he owned, the lender may be able to make a claim against his estate. None of you are personally liable for the laon, unless you had doen something to take repsonsibility for the laon before your father passed. If the laon was to acorporation, then the corporations assets may be subject to execujtion by the lender, but not yrou father's estate directly.
If you do nto assume the b enfit of the property, then there may little or nothing that the lender can do to collect from any of yrou father's devisees or heirs.
Good luck
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