Q: My aunt wants to quit claim deed me her residence that she still owes around $50,000 on HELOC. My question is what will happen to that HELOC once the residence is in my name? Will HELOC be her financial responsibility or will it stay attached to the residence that is now deeded to me? If it is still attached to the residence, can I just continue picking up her payments? Or will she have to make her payments on her own? (Pittsburgh, PA)

Q: I will assume that this is a home equity line of credit which is secured by the home through a loan agreement and by a mortgage or lien filed with the Department of Court Records. As such, this lien will follow the residence and never be removed until the balance is paid or it is otherwise removed with the consent of the lien holder/lender or court order. When you take title to this property, you will assume the debt through the lien. If you would default on the payments, the home could be foreclosed upon and seized. As your aunt is obligated on the loan agreement, whether she or her estate would have any personal liability above and beyond the value of the seized home, would require a reading of the lien documents. Be aware that some mortgage and lien documents contain a “due on sale” clause which prohibits a transfer of ownership prior to satisfaction of the lien without lender approval. If such language is present, the entire note could be due immediately upon transfer and lead to foreclosure. If you want to assume payments for your aunt, I would talk to the lender. They may require refinancing in your name or perhaps a less involved assumption of mortgage agreement.