Category : Estate Planning

What are my liabilities if I am on the Mortgage?

The liability attached to a Mortgage is in rem meaning that it follows the land. The mortgage is the security for the Note. If, for example, anyone involved on the deed or mortgage disappears, the entity entitled to foreclose can foreclose based solely on the mortgage. If the entity entitled to foreclose upon you waits […]

What are my liabilities if I signed the Note?

The liability attached to a note is in personem meaning that it follows the person. In Ohio, the entity enforcing the note can sue that person for up to two years from the date of the sale or the confirmation of the foreclosure sale. If you receive a discharge in bankruptcy, then you generally are […]

What are my liabilities if I am on a real estate Deed?

Anyone listed on the Deed is liable for real estate taxes, premises liability if someone falls on or breaks into the property and then sues you, maintenance such as lawn mowing, assessments such as water or sewage, etc. You will not be pursued for real estate taxes but the land is encumbered by that debt. […]