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    Bammbei's Avatar
    Bammbei Posts: 1, Reputation: 1
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    #1

    Jun 9, 2008, 06:29 PM
    Taking over a loan of a deceased person where you also reside
    Hi there My name is Maggie
    I believe I have an unsual situation.
    I am currently living in a Co-op apartment that my deceased father signed a loan for.
    My dad has since passed away it has been about 6yrs now. I have always and have continued to pay the loan. My dad applied for the loan in name only for me.
    Problem is he passed away did not leave a will and my name is no where on the loan or the deed.
    What can I do to take over the loan from the bank after its been 6years?

    Can the bank take over the property and request I pay the loan in full?

    What are my options?

    I also have 5 siblings who are all aware my dad signed loan for me in name only, they all
    Know I reside in the property my dad signed the loan for.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 9, 2008, 08:07 PM
    The first issue will be who actually owns it, win the US, without a will, you will have to take it though probate and from there deal with the situation. If there are other brothers and sisters, or if he is married, they may have a claim to the property also.
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