QUESTION
If person on mortgage passes away and I am on the deed, how can I keep the property?
Asked on Aug 28th, 2013 on Estate Planning - Colorado
More details to this question:
My roommate of 30+ years died without a will and was on the mortgage but I am on the deed. I know I own half the house, but there is no equity. If I try to keep it, how does that work? Or should I let it go?
9 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If you let it go, it should not affect your credit. If you want to keep it, you should contact the company about assuming the mortgage.
Answered on Oct 09th, 2013 at 3:39 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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It should not have been possible for you to be an owner without being a party to the mortgage. The question becomes one of priority did your roommate deed you your interest in the property after taking the mortgage? (Or did you deed all the property to Roommate, the mortgage got signed, and Roommate deeded half back?) In that case, you'd be subject to the mortgage and you'd have to pay it. There are a couple of important questions: is the deed a survivor-ship deed, so that you inherit all the property? Or are you now joint owners with whoever takes Roommates intestate estate? If the latter, are these people you can work with? I recommend that you have a lawyer review the specific details. A few hundred dollars of legal advice now may help you avoid a big mistake, or avoid a large loss.
Answered on Aug 29th, 2013 at 12:13 PM
Thomas Edward Gates
If you want to keep it, just keep paying the mortgage. There are probate issues here so you should see an attorney.
Answered on Aug 29th, 2013 at 11:50 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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You may own the entire house, depending on the what the deed says. Your interest would be subject to the mortgage, however. If you do not make payments, the lender could foreclose. Whether or not to try to keep it or let it go is a completely different issue. Even without equity, if the place is in a desirable area and the payments are lower than you would get to live in a comparable place, you may want to stay. If you can find a better place for less money, you would be free to walk away. You are not personally responsible for the mortgage, so foreclosure would not affect your credit.
Answered on Aug 29th, 2013 at 11:20 AM
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Only you can decide if you want to continue to pay the mortgage or let it go. You might want to sit with a probate attorney and weigh your options. Most attorneys give free consultations.
Answered on Aug 29th, 2013 at 11:03 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Whether to let the property go or not is a personal decision; but if you want to keep the property, the mortgage still needs to be paid, and if not the bank can foreclose.
Answered on Aug 29th, 2013 at 10:46 AM
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You need to meet with an attorney who will review the title and the loan data. Good luck. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Aug 29th, 2013 at 10:41 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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The only way to keep it is to keep making the mortgage payments. Were you joint tenants or tenants in common? If the former, you own the entire house, if the latter you own half the house and his heirs own the other half and you will need to work out details with them.
Answered on Aug 29th, 2013 at 9:46 AM
If your partner's name was on the deed, you start by determining the title status. Was it joint tenancy with right of survivorship or was it tenancy in common, or is your name on the deed at all? Since you are on the mortgage, you are personally responsible for the debt. You will have to either maintain payments or refinance the property. Depending on the title status, you may need to open a probate estate for your partner to transfer his interest to you. However, since you were not married, the situation is more complicated. You should immediately seek the advice of an attorney who specializes in estate administration.
Answered on Aug 29th, 2013 at 9:15 AM