this post was submitted on 21 Aug 2024
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You don't inherit another person's debt. Skeezy collectors can call and pester you, but they can't take action.
Don't you inherit debt if you also inherit assets in excess of the debt?
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.