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No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
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If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
What happens if a house with a mortgage is left to adult children who do not want to assume the mortgage?
The house has to be put up for sale and the profit will be divided between the children. You may also let the bank repossess the house if it has little value.
How is a house valued in probate The apprasial amount or Market value Balance of mortgage is $127,000. Can the spouse buy out the adult children ?
The home should be valued at "fair market value", which is the value that a willing buyer and willing seller would set the house at, assuming they each knew all applicable facts. The spouse can buy out the adult children under some circumstances.
Do adult children have to pay off deceased parents debts from their inheritance?
The debts of the decedent must be paid by the estate. In fact, the debts must be paid before any assets can be distributed to the heirs.
Are parents responsible for outstanding student loan of deceased adult child?
yes due to the fact that they are your parents but sometimes depending if child has life insur. they sometimes do not have to pay.
Are adult children responsible for bills with an estate?
When you die leaving your estate to your children they are liable to pay the tax or mortgage etc and if the property is then rented to another by your children they are still liable for the taxes on that property and not the tennant as they pay the rent to the children for the privelidge of having full use of the property but the property remains under the ownership of your children and it is the owner that is liable for the payment of taxes mortgage etc
Are parents still lieable for teenagers who move out at 17 in Alabama?
Parents are liable for their children until they become legally adult.
Are parents liable for an adult child's actions?
No.
Are adult children liable for the debt if a parent files for bankruptcy?
No, if the adult children are not joint debtors they are not responsible for their parents debts. If they are joint debtors the parents' debts could be discharged in BK leaving the adult children who were not a part of the BK procedure open to the recovery of the debt(s) by creditors.
Are adult children liable for funeral cost in the UK?
no.
Are parents still liable for the actions and support of their children who are 18 or older in New York State?
The child is no longer a minor. As an adult, they are responsible for themselves.
Why do adult children void parent?
adult children's avoid parents because of the mostly parents interface there lives
Can you be held liable for adult children's debts?
Not unless the parent was a co-signer or guarantor.
What is the parent's responsibility for medical bills for adult children?
Parents shouldn't be responsible for adult children.
Is there counseling for the parents of drug addicted adult children that refuse help.?
Is there counseling for the parents of drug addicted, adult children that refuse help?
What has the author Shauna L Smith written?
Shauna L. Smith has written: 'Making peace with your adult children' -- subject(s): Adult children, Adult children of aging parents, Aging parents, Attitudes, Intergenerational relations, Parent and adult child
If a 15 year old unlicensed minor learning to drive with an uninsured adult has an accident who is liable the parents of the minor or the uninsured driving instructor?
The owner of the vehicle is usually held liable.
