mortgage, deed and sudden death

Guest

my father passed away a couple of weeks; his property is not pay on full yet; my name is on the deed? do I have any legal rights on the propety; Am I responsible for the mortgage? Mortgage company requesting Executor papers from me which I don't have any?

raymond · Posted: Thu Oct 29, 2009 5:16 pm Post subject:

Are you asking if your name is on the Deed? Or are you saying your name is on the Deed?

If your name was on Title, and it read "Dad or Son", the house is already in your name. If it read "Dad and Son", your Dad's Will and/or Living Trust will come into play and the legal system will determine who gets Title.

Are you on the Note? If "no", you're not responsible for the Mortgage. But you'll want to keep making the payments if there's equity in the property. If "yes", you're obligated contractually to continue making payments.

You need to see a Probate Attorney, and the Attorney is going to need the Will and/or Living Trust, if one is available. If not, your Dad's Estate is going to have to go through your State's Probate process.

Probate is expensive, as Attorney's in general are, so I suggest checking into Pre-paid Legal first. Signing up with them will gravely reduce your expenses, and you'll receive the proper legal guidance you deserve.

gmakerley · Posted: Fri Oct 30, 2009 1:55 pm Post subject:

"gravely" seems like the wrong adverb there, raymond.

i guess i should have jumped on pre-paid legal a while back, huh?

raymond · Posted: Fri Oct 30, 2009 2:05 pm Post subject:

I don't have any pre-paid legal for myself either, but am seriously considering it. I don't have any potential legal issues, but that's the idea of having it. It's there when something comes up.

My son would have saved a lot if he had it. His Mother passed unexpectantly and didn't have a Will or Living Trust, so her Estate had to go through Probate, and that cost almost $15,000.00. And it was a simple Probate too, uncontested and he's the only child. Then his Grandfather passed, Easter before last, and left Raymond his Estate, and he had a Living Trust. But we're still going through the legal Process and the Trust hasn't been settled yet, and the fees just keep adding up. He would have saved so much money if he belonged to pre-paid legal.

gmakerley · Posted: Fri Oct 30, 2009 7:26 pm Post subject:

i'm surprised you don't have it; you touted it earlier as if you were one of them...i don't mean to be flippant in the way i say that...it's just that when i was first introduced to it, i didn't believe in what people were telling me; and it looked too good to be true. i happen to be a skeptic.

All times are GMT - 7 Hours

Page 1 of 1