Posted on: 14th Jun, 2011 11:50 am
My parents have always owned a duplex, and I have always rented from them. In 1992 our home burned down, my two sisters, wanted to place my parents into assissted living. My parents have always had my assisstance, and therefore wanted to continue our living arrangement. They used the insurance money to purchase another duplex, with me living upstairs. My parents were on fixed incomes, and I agreed to pay the mortgage, which I have since 1992. We each paid our own utilities. I have always been in charge of what ever else was needed such as repairs, upgrades, maitenance etc. My parents and I completed a quick claim for tihis property, about 7 years before the passed away. I am still living in this duplex, with my now adult daughter living upstairs. I am almost done paying the mortgage, and wonder what will happen when I am done with the bank? My Parent's names still remain on the mortgage, even My checks, and my account is paying. I owe about 7,000 dollars.
Did you get added on to the title to the property? Once the property has been paid in full, a reconveyance will be issued would be recorded that the lien has been paid in full, releasing clear title to the property. So if you are the only one on title, you would remain owner of the property, without a loan, since it was paid off. If you are not on title, you need to file an avidavit of death and get on the title to the property. You show a vested interest in the property by paying the note, taxes and insurance. Please let me know if I missed something. Thanks!
sounds like the quit claim deed did the job all those years ago, chris. at least that's what seems to have taken place, if i read this right.
gjean, you have no worries whatsoever about what transpires with the mortgage, other than getting the release of the lien released once the loan is paid in full. if you're the owner, per the quit claim deed, then enjoy it and keep living!
gjean, you have no worries whatsoever about what transpires with the mortgage, other than getting the release of the lien released once the loan is paid in full. if you're the owner, per the quit claim deed, then enjoy it and keep living!
