Friday, 17 October 2014

If I was willed a house that is now in foreclosure how do I excuse myself from the debt

Question

If I was willed a house that is now in foreclosure how do I excuse myself from the debt



Answer

When a bequest is made in a will, the beneficiary takes title to the property in the same "condition" it was in at the time the bequest takes effect. If the testator (person making the will) did not make any provision for paying off the debt on the property, then the beneficiary would inherit the property and the debt encumbering the property. The only way to excuse yourself from the debt is to renounce the inheritance. I am sorry to say that there is no way that you can inherit the property without the debt.



No comments:

Post a Comment