10/22/12, 12:12 pm
My father has left me his house in his will. My mother has passed away many years ago. There is currently a line of equity out on the house that is in his name. Can i either assume this debt when he passes or get another mortgage in my name? His other assest are being split up with my other two siblings and i don't want the equity debt to be pulled from his estate to "short change" his remaining assets for my brother and sister.
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United States   |   New York  |  Estate Law
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Arkady Bukh Says:

Oct 24,2012 5:56 PM

You should consult an attorney. However you can discuss with your father's bank or mortgage holder assuming the debt. I'm assuming he is still alive. If you qualify for the mortgage, they may consider putting it in both your name and your father's name. If your father has already passed then the debt which is secured by the house would pass to the estate. However, at that point you could get a mortgage to pay off the estate for the amount of the equity loan. Do consult an estate attorney and also your father's lender.

Arkady Bukh
Bukh Law Firm, P.C.
14 Wall Street,New York, NY 10005

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