Who is responsible

[shirtale]

What is the name of your state (only U.S. law)? Arizona
My brother was joint tenant with me on my house. I agreed to let him take out a home equity account. It is in his name.There is currently about $17,000 on it. About 2 yrs. ago my brother died. His wife had waived all interest in the house back in 1986. Who is now responsible for this loan?

[HomeGuru]

Originally Posted by shirtale

What is the name of your state (only U.S. law)? Arizona
My brother was joint tenant with me on my house. I agreed to let him take out a home equity account. It is in his name.There is currently about $17,000 on it. About 2 yrs. ago my brother died. His wife had waived all interest in the house back in 1986. Who is now responsible for this loan?

**A: whomever is on the mortgage(s).

[shirtale]

There is no mortgage. The mortgage was paid off before the loan was taken.

[HomeGuru]

Originally Posted by shirtale

There is no mortgage. The mortgage was paid off before the loan was taken.

**A: then your post is rather confusing. Is not the home equity account a mortgage loan against the property? We need all the details.

[shirtale]

A home equity loan is like a revolving charge account,as I understand it.

[HomeGuru]

Originally Posted by shirtale

A home equity loan is like a revolving charge account,as I understand it.

**A: I did not ask you for your understanding. I am asking for the facts.
Oh, I can tell this is going to be a long night.

[shirtale]

It is a loan against the equity in the house. You can pay whatever you want on it every month, but regardless, you have to pay the interest on it each month It is a variable interest rate. There is no time limit on it, such as 15yrs or 30 yrs. You set the limit on the amount- in my case the most that can be charged is $40,000 and it actually now is $17,000. We were given checks by the bank and if you want to charge something against the account, you just write a check. I really don't know how else to explain it. The lien is on the house.

[HomeGuru]

Originally Posted by shirtale

It is a loan against the equity in the house. You can pay whatever you want on it every month, but regardless, you have to pay the interest on it each month It is a variable interest rate. There is no time limit on it, such as 15yrs or 30 yrs. You set the limit on the amount- in my case the most that can be charged is $40,000 and it actually now is $17,000. We were given checks by the bank and if you want to charge something against the account, you just write a check. I really don't know how else to explain it. The lien is on the house.

**A: you and your brother's estate are responsible.

[shirtale]

Thank you. My brother did not have an estate, so guess that just leaves me.
I'm paying it and don't have a problem doing that, but the problem is that the bank won't send me a statement as the loan was in his name. His wife gets the statement but she was left without income, he didn't have life insurance, so she can't pay. What a mess.

[justalayman]

so have her forward the statements to you.

[HomeGuru]

Originally Posted by shirtale

Thank you. My brother did not have an estate, so guess that just leaves me.
I'm paying it and don't have a problem doing that, but the problem is that the bank won't send me a statement as the loan was in his name. His wife gets the statement but she was left without income, he didn't have life insurance, so she can't pay. What a mess.

**A: before your brother passed away, how was title to the property held?
It was either joint tenancy or tenants in common.