Legal Question in Credit and Debt Law in Texas
loans,debt,assets
will a deceased persons home that hasnt been payed off, be liquidated
to pay off their debt, when they have not left a will?
Asked on 12/30/07, 9:05 pm
1 Answer from Attorneys
James Grissom
Law Office of James P. Grissom
Re: loans,debt,assets
If the house is not paid off, the mortgage company will foreclose on the loan. Any excess equity would go to the deceased's estate to be available to pay creditors who have made claims. It would likely be necessary to probate the estate to withdraw any funds in excess of claims.
Answered on 12/31/07, 6:56 am
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