Trusts & Estates Law/Inherited home from deceased father with no will
I live in Illinois. My father passed away in 2013, there was no will thus i became the sole executor and inheritor. Since then his estate has been closed and all debts such discharged due to lack of funds in the estate. The only issue is that I inherited my fathers home that he lived in and now my husband and I live in it. We have lived there for 4 years, then my dad passed and since he has passed we continue to live there. we have paid the house payment every month which includes property taxes and home insurance in escrow as part of the payment. However we have not signed any papers to assume the loan or to even try to refinance. My question is this... after living in this home for 2 years past my father passing, can my husband and I legally just walk away from the home and loan due to the payments being to much if we are not on the loan?
I wish you had spoken about the following:
Whether there is any recorded linkage between his estate and the home?
Whether the value of the Home loan is higher than the vale of the home?
If you walk away from the home now, who will become the owner of the home?
Given the inadequate information, I think it will be unwise to make any statement. I suggest that you take legal opinion locally.