!!! HELP !!! Inheritance law re:mortgage

quack

My wife an I are currently confused about liabilty for a mortgage.

My wifes grand father owned a third part share of a house and his name was on the mortage, he passed away leaving the third part to be divided amongst 7 grand children, my wife being one of them...

My understanding is that if he was liable for the mortgage, now he has passed away his heirs are now responsible, is this true????

His heirs being the seven grandchildren!

Many thanks

Robert_Sterling_3

You don't tell us:-
Who owns the other two thirds of the house.
What was the value of his estate.
Who are the executors.
When did he die.
Who lives in the house.
How much is still due on the mortgage etc etc

His one third share in the equity in the house is part of his estate.
His executors are responsible for the disposal of his estate in accordance with his will and the law.

quack

1. a relative
2. is the value of the estate relavant to liability of outstanding mortgage or debts accociated with it?
3. does an executor hold any liability, i thought that could be anyone named, could be you ?
4. a year ago
5. = 1.
6. not sure but there is a debt outstanting which we need to know if we are liable for

cheers

lisyloo

My understanding is that if you take on his assets then you will need to take on his debts as well.

You would need to look at the relative value of both.

My understanding also is that there is no obligation to inherit, so if debts are greater than the assets then you simply don't take it on, you are not then liable for the debts.