Mother is married, and paid the house off before the marriage, she became ill and transfered the deed into daughters name, she still has a loan in her name against the house, only mothers name on the title. What happens to the house if mother passes away?
2006-07-03 17:11:41 · 7 answers · asked by mar 1 in Business & Finance ➔ Personal Finance
the mother lives in the state of wisconsin,
she does not want her husband to get her house that is another reason she changed the deed. her husband bought a house in illinois and did not tell her about it, he also had a house built in his country(mexico) and her name is not on those propertys
2006-07-07 15:16:35 · update #1
What will happen is that if there is a loan against the house in her name, you will have to meet the loan by making payments if the deed is in your name, you can transfer the loan to your name because you hold the deed. You also have the right to sell the home and pay off the loan. If she has money in the bank and other holdings, all notes must be met by her estate. Because you didn't take out the loan, I don't think you are solely responsible for paying the loan. It would come out of her estate. I would speak to the bank in which the loan is held. If the loan was taken out after she married, and she lives in a state that has joint responsibilities in marraige, then he might be responsible. Remember though if you hold the deed you are responsible for all taxes on the property, including back taxes if they haven't been paid. After three years the state can come in and forclose on the house for tax purposes. You need to know what the house is worth and what is owed and what the taxes are and can you afford to keep the house. If you can't afford an attorney I would call my local bar association and find a probono estate lawyer and ask him this question.
2006-07-03 18:06:30 · answer #1 · answered by M360 3 · 0⤊ 0⤋
Not possible-
If the house is paid off, how can the daughter have a loan against the property? Did the daughter refinance the house? If so, how did the daughter get a deed recorded in her name when she wasn't on title?
Order a Title transfer report, or go to a title company to iron this out. Someone seems to be missing some details...
2006-07-16 08:09:49 · answer #2 · answered by User 3 · 0⤊ 0⤋
First you mentioned the house was paid off before the marriage then she became ill. If the house has an outstanding loan in the name of the mother, assuming there is equity on the house. The difference between the loan balance and value of the house will go to daughter who has the deed.
2006-07-03 17:54:50 · answer #3 · answered by kimted_95132 1 · 0⤊ 0⤋
this has to be a trick question. first if the house is paid off then there is no loan to be had and second if her daughter is on the deed than she has ownership interest in the property. if the mom passes away then my condolences and daughter has a property. but if you insist on another answer than go to someone who can prepare a WILL and have the house go to her daughter.
2006-07-10 09:13:06 · answer #4 · answered by Nicholas S 2 · 0⤊ 0⤋
These people are all right and all wrong, the information you are seeking is dependant on what state you live in and it's specifc laws governing succession and what bank the Deed of Trust is secured with and how the deed is structured. If you are in Texas, I could help but will need more information. If not, I seriously suggest contacting a Title Attorney in your state.
2006-07-03 18:35:17 · answer #5 · answered by s_x_i 2 · 0⤊ 0⤋
The house will be property of the Estate (Not to be confused with State)
I suggest her to write a will to avoid problems.
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2006-07-03 17:48:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Until it is paid for it belongs legally to the lender.
2006-07-12 10:31:26 · answer #7 · answered by rltouhe 6 · 0⤊ 0⤋