Succession

smithdianne · Joined: 26 Oct 2009 Posts: 1 1.00 Dollars($)

The property is located Louisiana. My mother died and she did not have a Will. How can we simplify the Succession amoung ourselves? Her home has a Reverse Mortgage Loan that must be paid. There are 9 siblings. How can we transfer the interest of each sibling to the child who is willing to be responsible for the future payment of the mortgage?

jameshogg · Posted: Mon Oct 26, 2009 8:01 pm Post subject:

Hi smithdianne,

You and your siblings can file an affidavit of heirship and get the property transferred in your name. Then you all can sign a quitclaim deed in favor of the person to wants to take up all the responsibilities of the property and the future payment. Once this is done, the concerned person can refinance the reverse mortgage in his/her name.

To know more about refinance, you can check out the following page:
http://www.mortgagefit.com/refinance.html

Thanks

raymond · Posted: Tue Oct 27, 2009 8:04 am Post subject:

Unfortuantely, the Estate must go through Probate because there's no Will or Living Trust. When that happens we have an "Intestate Estate". Each State is a little different in this area, so it'd be best to hire a Probate Attorney to assist you with the process, but fundamentally - the Property goes first or in major part to a spouse, then to children and their descendants; if there are no descendants, the rule sends you back up the family tree to the parents, the siblings, the siblings' descendants, the grandparents, the parents' siblings, and the parents' siblings' descendants, and usually so on further to the more remote degrees of kinship.

You should contact your Mother's Reverse Mortgage Lender and let them know what's going on, and request their guidance - because they see this more then anyone else. Her account number, and the toll free number to call, is located on the Mortgage Statement your Mother received monthly.

Suzy Orman also offers a kit that enables you to do the Probate process by yourself, but your situation can get complicated, so I'd advise using an Attorney. And Probate is kinda expensive (at least in California - it cost my son almost $14,000.00 when his Mother passed without a Will), so you might want to check into Pre-paid Legal Services too.

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