Legal Question in Real Estate Law in Ohio

foreclosure

My aunt had gotten a home equity loan on her home. She has since passed away. The home was willed to me as the niece and it has been transferred to my name. The home equity loan has not been paid because we were just made aware of it. The Bank has filed a foreclosure action. Can they take the home even though it has transferred to my name? Do I owe the loan?


Asked on 10/03/07, 10:47 am

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: foreclosure

A mortgage is not personal, but attaches to the property. While your name is not on the mortgage note, the property is still subject to the mortgage, and the bank can foreclose. If you do not pay the amount due, the property will be sold, and you will receive the proceeds, if any, in excess of the amount owed.

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Answered on 10/03/07, 12:50 pm


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