English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

My father-in-law passed away. He left a home to my wife worth abought $400,000.00. It has a mortgage with about a $26,000.00 pay-off,and a $530.00/mo. payment.Should she tell the mortgage company about his passing, and just continue making the payments? What about getting a loan to refurbish the home if she decides to improve, or sell the home?

2007-07-14 18:33:37 · 2 answers · asked by Anonymous in Business & Finance Renting & Real Estate

Additionally,she has durable power of attorney, and is willed the hieress of the majority owner of the property. With co-ownership with her son and daughter(50/25/25).

2007-07-14 18:50:34 · update #1

2 answers

a dead person cannot legally own property, you must probate the property for it to be hers. she can go on making the payments, but never be able to sell it and if there are any creditors out there, they may force a sale to pay liens. also, no one will loan money on the house because it is not in your name. get a lawyer and get the probate going, if there are other kids, they get to split it.

2007-07-14 18:39:09 · answer #1 · answered by Anonymous · 2 0

In addition to the above good information, I'd just add this: The PoA became worthless the moment her father passed away. A durable PoA survives incapacity but never death.

2007-07-14 20:06:22 · answer #2 · answered by Bostonian In MO 7 · 0 0

fedest.com, questions and answers