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Additional Details
I am asking because of my neighbors who have a TON ... |
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rhendowed | Mortgage held by Mom. Mom dies. House deed in mom's name and mine. Who owes on remainder of mortgage? |
The deed is in two names but the mortgage was only in the deceased's name. Who does the bank go after to repay the reminder of the debt. Does the debt go away? What if the deceased was poor and did not have an estate? |
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Veritas et Aequitas ()
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Even the poor have an estate. The estate is basically is the whole of one's possessions, especially all the property and debts left by one at death.
The bank will just foreclose the property if they don't get paid. So either the heir pays or if nobody can pay then it's best to sell the property. The debt does not go away, it's part of the estate. If all property is liquidated and exhausted then each creditor gets a prorated cut based on specific state law. Burial, taxes, and legal bills usually get paid first. Any property that is secured (like a home or car), just get repossessed and any money that is in excess of the loan amount goes back to the estate. That is used to either pay creditors or goes to the heir(s) after the estate is settled. |
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Rex
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She was not poor, she owned 1/2 a house. The mortgage has to be paid off, either with a refi or sale.
Who owns her half, if anything is left over after the sale, depends on who her legal heirs are. That would most likely be her husband or her children. |
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A.Mercer
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Well, if the mortgage was only in her name then the bank can only go after her or her assets. Her name being on the deed on the house makes it an asset of hers. Her estate is obligated to settle her debts. The house can be foreclosed to satisfy the debt, especially if the house is the reason for the mortgage. The tricky part is trying to establish how much of the house is yours and how much of the house is hers. The house is part of the estate though. It sounds like you might need some professional help to establish how this should be handled. |
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SuperCactus
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They don't go after anyone. They foreclose! |
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Brian G
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DISCLAIMER: I am going to base my answer on Ohio law. You need to determine how the laws of your state may vary from what I'm about to state here. I'm not an attorney and this is not legal adivce.
There are a couple things that need to be addressed first.
Was the deed signed by you and mom PRIOR to the mortgage or AFTER?
PRIOR: If the deed is prior to the mortgage, the mortgage company should have had you sign the mortgage when it was originated. Signing the mortgage waives any rights you have in the property against collection of the note (debt). If mortgag company mistakenly did not have you sign the mortgage, they could force Foreclosure, but would only have rights to half those proceeds. In that case, the Foreclosure would not negatively affect you from a financial standpoint unless you signed on the note as well.
AFTER: If the deed was placed after the mortgage was signed, you should consult an attorney for any rights you may have in respect to the estate and/or that property.
Your best bet is probably to speak to an attorney about this matter. |
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mysticgraystar
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Unless the deed states otherwise, you should have joint tenancy which has right of survival.
There are several supreme court rulings on joint tenancy with the mortgage held in only one tenants name. The court has held that other party (one whose name is NOT on the mortgage) is NOT responsible for the mortgage. However, the mortgage company can cause an involuntary severance into tenancy in common so they may pursue the deceased persons portion of the property (50% interest).
Sometimes, the mortgage company has a built in life insurance policy should the mortgator die. Check to see if this is the case; if so, the mortgage is paid off.
Make sure you report your mother's death to the mortgage company; you don't want them to begin foreclosure proceedings unnecessarily. |
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DannoREA
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The debts left by the decedant are the responsibility of her heirs or those she bequeathed her estate to in her will.
It is up to the remaining heirs to get the will into probate (if there is one) if not, you will want to contact an estate attorney
Mortgage debt will never "go away" unless you payoff the mortgage in full. Even then, I've seen some lenders keep collecting payments from autodraft accounts. |
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*Yawn*
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You can just continue paying on it any nothing needs to happen.
You can file for executor of the estate in probate court...
but it wouldnt be on ur credit unless you were to refi somehow
of course if you dont pay...foreclosure. |
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Alysia J
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well you do if it is on you and your mom name your mom dies so if your name is on the house then it is your house so you have to pay the bills and if you don't then they take it out of your mom account next time if you have to pay again then they take it from you if you don't pay then you get kicked out and trust me i know so if you don't have a job then hurry and get one good luck and god bless you and that house that you are living in byebye tata toto
love,leelee1709 |
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