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Dec 4th, 2007, 10:56 AM
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Estate settlement ownership/liability issue
Example is for individuals living in Minnesota
Two individuals, siblings, take out a HELOC as follows: John Doe, a single person and Jane Doe, a single person, as Joint Tenants. John Doe dies. Is Jane now solely responsible for the debt or is John's estate liable for 1/2 the outstanding loan? Besides the home, which titling to deed is listed below, the HELOC is secured by each individuals own separate investment account. The Home that is associated with the LOC is titled as John Doe, Jane Doe as joint tenants. Does Jane take the home as full owner now? |
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