Not exactly. You can still be an owner of a property and not liable for making payments. However, the loan can go into default. If no payments are made on the loan, its default status could affect your ownership of the property.
Successor in Interest
Is it possible for me to become financially responsible for the loan on the property that was transferred to me?
It depends on the type of loan you transferred. Please refer to the “Who to Contact for Assistance” section of the Successor In Interest page for specific contact information, details, and options for the type of loan on the property.
How can I tell if the loan is current?
Once confirmed as a Successor in Interest, Rushmore can provide limited information on the loan status.