2007-09-12 08:46:19 · 8 answers · asked by reflections 1 in Business & Finance ➔ Renting & Real Estate
unless she willed it to you you may have a problem....
2007-09-12 08:52:33 · answer #1 · answered by sarah W 4 · 0⤊ 0⤋
I'm assuming this person was given the home in the dead mother's will?
If so, there's probably nothing wrong with paying the mortgage. The lender COULD make them pay off the loan at any time, but if the payments are being made on time, it's unlikely.
2007-09-12 10:08:21 · answer #2 · answered by benebuck8 2 · 1⤊ 0⤋
Although most mortgages have a Due on Sale clause, lenders seldom force that issue when the reason for the change of ownership is the death of the mortgage holder. As long as the payments are being made they'll usually let it lie without action.
Ideally you should try to assume the mortgage yourself so that your credit record gets credit for the payments and you qualify for the mortgage interest deduction on your tax return.
2007-09-12 08:56:47 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Who ever this person is, they could be in big trouble. When a person dies, the death is recorded in city records, then everyone they owe is usually notified about the death. I don't know how the bank didn't find out the mother was dead. They could have lost all that money, and the house. This person should contact the bank, let them know what's been going on and hopefully assume the loan.
2007-09-12 09:22:47 · answer #4 · answered by jdecorse25 5 · 0⤊ 1⤋
You may not have a problem. There is a law in many states that covers abandoned property. If you move into an abandoned property and catch up the taxes and keep paying the taxes, after a few years you can petition to have the property out in your name.
I do not think you have to go that route. Why did this not get cleaned up during the probate?
2007-09-12 09:01:37 · answer #5 · answered by ralph 5 · 0⤊ 2⤋
I hope that the mother left a Will stating who gets the property. If not, it must go through probate court to be awarded to next of kin. You should consult with an attorney if you need further information.
2007-09-12 08:59:42 · answer #6 · answered by Alterfemego 7 · 1⤊ 0⤋
It would be very unusual for probate not to have occurred for 6 years. Once a probate is over, the house has a new owner. Find out who it is.
You may have been making house payments for someone else.
2007-09-12 09:22:19 · answer #7 · answered by Anonymous · 0⤊ 1⤋
You just lost out on that money cuz if it wasn't willed to you, any of your brothers and sisters have equal claim to the house so you only get a portion of it.
2007-09-12 08:56:14 · answer #8 · answered by Roland'sMommy 6 · 0⤊ 0⤋
You may have just lost a lot of money.
2007-09-12 08:59:28 · answer #9 · answered by legalchick791 5 · 0⤊ 0⤋