Can unsecured creditor's take home or place lien?
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Let's say I pay off my deceased mother's home, thus taking over ownership and getting deed in my name. Could a creditor come after me for her debt since it was her home? This home is in Georgia.
Also, there is equity in the home based on fair market value but it would only sell to cover the loan. There are no liquid assets left to pay the mortgage.
Yes, I will be talking to a lawyer about this so no need to tell me that. Thank You.
Can unsecured creditor's take home or place lien?Well, attorneys here have to tell you to talk to a lawyer; that's the only "legal advice" attorneys can give.
Your question is also difficult to answer because it's based in state-specific law and fact-specific circumstances. Since your mom has died, that also adds a wrinkle.
But in general, just paying off a loan does not give you "ownership" in the house. The owner's the owner, you've just been paying off the mortgage. Now, if the deed transfers, that's a different story.
When and how the deed transferred makes a difference, too.
Generally, a creditor cannot come after your house unless your home was put up as "security" for the loan (i.e. a mortgage). Also, in general, a debt dies with the debtor: The debtor's ESTATE (which, depending upon what the status of the home is, may include your mom's house) may be required to pay any debts, but if the estate can't cover it, then the creditor is out of luck. But there are exceptions to this, too, based upon the law of fraudulent conveyances, and others.
That's why this question is so hard for someone outside to answer and why you need to talk to a lawyer licensed in your jurisdiction.
Can unsecured creditor's take home or place lien?You are talking about two different things here. As executor of the estate, you have to satisfy all claims including the unsecured ones. That has NOTHING to do with a deed in your name. Failure to do so may leave you liable; and it leaves all the assets of the estate subject to claim.
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