- December 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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Concerns about House Ownership and Inheritance
We have been residing in our current house for over 13 years. Surprisingly, my mother is the only person listed on the loan, although both of our names are on the deed. A couple of years ago, we considered refinancing the house to take advantage of low-interest rates and to include me in the loan. Unfortunately, due to her previous bankruptcy and lack of credit history, we were unable to refinance. Despite me making regular mortgage payments, it did not reflect on her credit report.
Given her recent health concerns, she has expressed doubts about her longevity. This has prompted me to worry about the future of the house if she were to pass away. I am uncertain about the steps I need to take in this situation.
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IANAL. Since you and your mother are co-owners of the house (both of your names are on the deed), you own the property jointly. You need to find out if the property is owned as ‘joint tenant with rights of survivorship’ or ‘tenants in common’.
With JTWROS, your mother’s half of the house would likely automatically pass to you upon her death (AKA you now own 100% of the house). If the property is instead ‘tenants in common’, it could be that your mother’s half of the house will have to pass through probate, where either her will will dictate who will inherit her share, or the probate courts will (if she doesn’t have a will). All of the previous statements depends on what state you are in, as they have different laws on what constitutes joint property.
Even though you are not on the mortgage, the Garn-St Germain Act, prevents mortgage companies from forcing a sale upon the death of the borrower, if the person(s) inheriting the property are either a spouse or children of the borrower. You would likely be able to assume the current mortgage with existing terms and continue making payments.
Talk to an estate attorney. They can give you specific advice based on the specific details of your situation and the applicable laws of your state
Your loan is assumable by you as her daughter if you are in the US, you keep making the payments on time and you are good. You should notify the lender of your mother’s passing and your intent to assume the mortgage.
Although there has been some good information, your best course of action in the States is to get a simple trust. This will prepare you for the process of navigating your motherÔÇÖs property and wishes. With a trust you will be able to avoid probate for the estate. A new deed may also be completed which transfers ownership of the home into the trust.
I have trouble believing a mortgager allowed two names to be on a deed but only one on the mortgage. If this is the case, the bank likely does not know about it, and it could trigger a clause in the contract where full payment is due immediately.
Get a living trust for your mom. Put the house and other assets into it. Have the trust name you as beneficiary and executor.
Most mortgages are written as joint tenants with rights of survivorship, or tenants by the entirety if theyÔÇÖre married, meaning you can legally hold the mortgage if youÔÇÖre on the deed. All you need to do is contact the company that services the loan and send them the death certificate, they will change the loan into your name.
Be warned. They are within full right to run a credit check in order to put the mortgage in your name, and if you donÔÇÖt pass the requirements set by Fannie/freddy/ginnie, you may have to just live with the mortgage in her name until you can qualify.
Most loans are assumable by the heirs, some are not. If your mom passed, likely you would have an option to assume the mortgage by continuing to make the payments on it. However, some loans are not assumable and you’d have to refinance the house in hour name. If you wonder about this I’d call the lender and they will be able to tell you.
It is odd to have your name on the deed but not the mortgage, I would confirm that.
I believe you have to be personally liable on a loan to deduct the mortgage payments on your tax returns.
Why not just have her will it to you?
Most lenders do not allow a non lien holder on the deed ÔÇö that sounds strange that youÔÇÖre not on the loan, but on the deed. You should double check and then have her call the loan company and ask if itÔÇÖs assumes le
With us – we have a life plan that will pay for the house mortgage in full and the remaining amount goes to the surviving spouse.
If both of us die – the kids inherit the house and the total of the two minus what’s owed on the mortgage then goes to the kids.
I’d like to answer how I am on the deed, and not the loan. Way back when the house was purchased, I couldn’t qualify for the loan. My mother could. Since I would pay the mortgage from my account, my tax person said I should be added to the deed, as I claimed the tax benefits. My mother no longer needed to file taxes, since she retired and only had ss for income.
I have minimal cc debt, healthy savings, and investments. No car loan, though that might need to change soon.
It might be different in your situation, but when my mom passed, the mortgage company just asked me to prove I was the heir, and I took over the loan. The only thing that changed is the name is now Estate of (Mothers name) on the documents. I can still have the mortgage put in my name, but in my situation, there is not much benefit to the hassle.