My question involves estate proceedings in the state of: CT
My husband and I took out a SBA loan and we both signed a personal guarantee using our home as collateral. Business failed and we declared chapter 7 bankruptcy. It was discharged but the SBA loan lien still survives. My husband is the sole owner of the home which is $200K underwater (primary mortgage). So basically we are renting our home from the bank for the next several years. However, when we die can we place the home into a trust for the benefit of our children? If we do so, what happens to the SBA loan lien on the property? Is there a way for our children to inherit the home without the lien transferring to them? Please help!
My husband and I took out a SBA loan and we both signed a personal guarantee using our home as collateral. Business failed and we declared chapter 7 bankruptcy. It was discharged but the SBA loan lien still survives. My husband is the sole owner of the home which is $200K underwater (primary mortgage). So basically we are renting our home from the bank for the next several years. However, when we die can we place the home into a trust for the benefit of our children? If we do so, what happens to the SBA loan lien on the property? Is there a way for our children to inherit the home without the lien transferring to them? Please help!
Estate Assets and Debts: Do Liens Transfer to Children Who Inherit Property
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