The Picard Maneuver@lemmy.worldM to memes@lemmy.world · 29 days agoThe gift has been bestowedlemmy.worldimagemessage-square28fedilinkarrow-up1322arrow-down116
arrow-up1306arrow-down1imageThe gift has been bestowedlemmy.worldThe Picard Maneuver@lemmy.worldM to memes@lemmy.world · 29 days agomessage-square28fedilink
minus-squaresurewhynotlem@lemmy.worldlinkfedilinkarrow-up6·29 days agoYou get what’s left over. If you get left a house that’s 300k, but they had 250k in debt, you end up with 50k. But if you get left a 300K house, and they had 500k in debt, you don’t owe 200k. You just don’t get the house.
minus-squareLifter@discuss.tchncs.delinkfedilinkarrow-up1·26 days agoYou would have to pay off the 250 k debt though, if you want to keep the house. You can’t give the house away without paying the debt first. The one inheriting the house may want to take a 250k loan to afford that 300k house.
You get what’s left over.
If you get left a house that’s 300k, but they had 250k in debt, you end up with 50k.
But if you get left a 300K house, and they had 500k in debt, you don’t owe 200k. You just don’t get the house.
You would have to pay off the 250 k debt though, if you want to keep the house. You can’t give the house away without paying the debt first.
The one inheriting the house may want to take a 250k loan to afford that 300k house.