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this debt part of the estate??

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gatsby1174

Junior Member
What is the name of your state? Missouri.
Situation: mother with 3 children dies, surviving spouse not father of children. Missouri law states he's entitled to half and 3 children split other half.

Here's the question....Mother and spouse take out home improvement loan. Since she has died he is now responsible for the debt as he was a co-signer. The question is though does that debt become part of the estate simply because she was a signer on the loan? or is it now his personal debt since he co-signed the loan?

Ray
 


nextwife

Senior Member
The value of the house for estate purposes is the appraised value less the mortgage.
The house may not be part of the estate. Depends upon exactly how title is held.

The HELOC is a mortgage, it runs with the land. It is not normally the estates responsibility to pay off mortgages. Whomever is getting the real estate, gets it with the mortgages intact.
 

gatsby1174

Junior Member
The house is a part of the estate as the only person on the deed was my mother. That is why i was asking if the debt was now his since he is going to be half owner of the house when all is said an done?? or if all of us are now going to party to that debt since we are all going to be part owners on the deed.


on another loan.....I also have a student loan through a bank (not federal student loan) that my mother was primary on and i was the co-signer. Since she is gone is that solely my debt now or is it also part of the estate now?

thanks for all your quick replies!

Ray
 

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