Legal Question in Wills and Trusts in Missouri

My mother passed away recently in Missouri leaving a 28,000 home Equity line of credit. I am in charge of her estate (I live in California) and mom left my older sister a deed of 30,000 for her house. What happens with the loan?


Asked on 2/07/10, 3:53 pm

1 Answer from Attorneys

Richard Herndon Richard J. Herndon, Attorney at Law

Your question is not clear. First, what instrument or procedure placed you "in charge of her estate"? If there was a will, it must have been probated by you do to this. If a trust, you must be the named successor trustee. Secondly, I think you are saying that yur sister received somehow a house worth $30,000 with a $28,000 mortgage. If this is correct, your sister will have to pay or refinance the debt, or ultimately the house will be sold at a foreclosure sale. Frankly, with $2,000 in equity, after any expenses of sale, etc. there will likely be nothing left.

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Answered on 2/13/10, 6:52 am


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