Posted on: 25th Sep, 2008 12:47 pm
My mother is terminally ill. She quit claimed her home to another daughter in the amount of $10. The mortgage has not been transferred, if she passes away with the mortgage debt due, what will happen. Will my sister be responsible or will the home be foreclosed?
do not fear, kjuicy...as long as the mortgage payments continue, the lender will not be foreclosing.
as the owner, your sister will be responsible for maintaining the home, and that includes the mortgage payments. of course, we all hope that your family is comfortable sharing with one another and that you'd all take responsibility whenever and wherever possible.
if you have a family lawyer (or if mom has her own), that would be a good place to begin asking questions. generally, medical professionals may have an inkling about counseling that could take place to prepare your mom as well as the entire family for what the future brings.
i pray she knows her Lord and that you will all work this out in a satisfactory manner.
as the owner, your sister will be responsible for maintaining the home, and that includes the mortgage payments. of course, we all hope that your family is comfortable sharing with one another and that you'd all take responsibility whenever and wherever possible.
if you have a family lawyer (or if mom has her own), that would be a good place to begin asking questions. generally, medical professionals may have an inkling about counseling that could take place to prepare your mom as well as the entire family for what the future brings.
i pray she knows her Lord and that you will all work this out in a satisfactory manner.
Thanks, she does know her Lord. We are trying to figure out how to get her mortgage paid. My sister quit her job to help take care of my mom. There is insurance but her mortgage would assume as huge chunk of that.
let me talk about the insurance right quick:
if you, the remaining family members, can handle the mortgage payments at all, i suggest you not pay the loan in full by the insurance proceeds, which will enable you to accomplish some other things with the remaining payout from the insurance company.
that's a big if, of course; but it's a nice position to occupy if you can.
if you, the remaining family members, can handle the mortgage payments at all, i suggest you not pay the loan in full by the insurance proceeds, which will enable you to accomplish some other things with the remaining payout from the insurance company.
that's a big if, of course; but it's a nice position to occupy if you can.