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 timothyblowery
Joined: 23 Jun 2009
Posts: 1
1.00 Dollars($)
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 Posted: Tue Jun 23, 2009 7:52 am Post subject: What is my liability on a gifted property? |
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My mother recently gifted the house she currently lives in to me, with her maintaining life rights to the property. She has decided to refinance the property. Am I required to sign anything? What is my liability for this? Does this make me a co-signer?
If this helps, I live in Virginia, not sure if the rules change state to state. |
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elnoralittle
Community Experts
Joined: 01 Oct 2008
Posts: 257
Location: Maryland
20.24 Dollars($)
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| Posted: Tue Jun 23, 2009 11:38 am Post subject: |
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If she obtains life rights to the property, she can do what she wants with it until she dies.
The mortgage on the property would be your responsibility if she were to die.
_________________
Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605 |
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| Posted: Wed Jun 24, 2009 7:11 am Post subject: |
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| Thanks! |
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