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lady bird deed

Posted on: 02nd Dec, 2012 11:42 am
My mother is 94 and we bought our house in her name because my husband owes back taxes and could not get a loan, but they gave her a 30-year loan at age 93. We have been making the payments on the house and are up to date. If we had a lady bird deed in place, would we be able to continue with the same loan if she passes, or would we have to refi, get kicked out or what?
hi rawcoyote,

when your mother is no more, you and your husband will have to refinance the mortgage in your names in order to get the loan transferred. this is irrespective of the fact as to whichever deed is signed to transfer the property.
Posted on: 02nd Dec, 2012 06:39 pm
Hi rawcoyote!

Welcome to forums!

I agree with what Adonis has said. Both of you will have to refinance the loan though you have a ladybird deed in place.

Feel free to ask if you've further queries.

Sussane
Posted on: 03rd Dec, 2012 07:40 pm
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