Posted on: 26th Apr, 2007 07:31 am
My mother-in-law bought a house down the street from my wife and my home here in Arkansas 10 years ago with an insured loan through a local bank so it would be paid off if she died.. She also quit claim deeded the house to my wife in 2001. The Mother-In-Law died several weeks ago.
She also had many thousands of dollars of medical bills and credit card bills at the time of her death. Is this house concidered my wifes property and therefore will not have to worry about the house being put in a situation where she can be forced to sell it to cover her mothers debts. Thank You
Wayne Miller
She also had many thousands of dollars of medical bills and credit card bills at the time of her death. Is this house concidered my wifes property and therefore will not have to worry about the house being put in a situation where she can be forced to sell it to cover her mothers debts. Thank You
Wayne Miller
"Is this house concidered my wifes property and therefore will not have to worry about the house being put in a situation where she can be forced to sell it to cover her mothers debts. "
Hi Wayne,
After your mother-in-law quit claimed the house to your wife in 2001, it become her property and now it cannot be sold for recovery of the debts your mother-in-law had.
Hi Wayne,
After your mother-in-law quit claimed the house to your wife in 2001, it become her property and now it cannot be sold for recovery of the debts your mother-in-law had.
Yes Wayne, after property is quit claimed the grantee get full ownership. As such house belongs to your wife now. It will not have to be sold for payment of her mother's debts.
Miller
Miller
"Is this house concidered my wifes property and therefore will not have to worry about the house being put in a situation where she can be forced to sell it to cover her mothers debts. Thank You
Wayne Miller"
If any of the creditors got a judgment and lien was placed on the home then you need to pay it off and until it is paid off it will remain on the home.
You need to check the county records to know if any lien has been placed on the home, if not then you do not have to worry.
Wayne Miller"
If any of the creditors got a judgment and lien was placed on the home then you need to pay it off and until it is paid off it will remain on the home.
You need to check the county records to know if any lien has been placed on the home, if not then you do not have to worry.
Hi Wemille,
Welcome to the forum.
Since the house was quitclaimed to your wife, therefore she is the owner of the property. But the loan was taken out by your mother-in-law. Even then, it will be your wife's responsibility to pay it off as otherwise, the local bank may be interested in foreclosing or selling the property at an auction and retrieving the unpaid debt. However, if your wife can access the insurance money then she will be able to pay it off to the lender without having to sell the house.
If your wife is unable to make the payments, then she may approach the insurance company along with a death certificate of your mother-in-law. Also, you need to fill up a form for claiming of the policy funds. But the company may allow your wife to access the funds provided it is a mortgage life insurance policy that promises to pay down the mortgage debt after the borrower's death.
Hope this will help you...
God bless you.
Samantha
Welcome to the forum.
Since the house was quitclaimed to your wife, therefore she is the owner of the property. But the loan was taken out by your mother-in-law. Even then, it will be your wife's responsibility to pay it off as otherwise, the local bank may be interested in foreclosing or selling the property at an auction and retrieving the unpaid debt. However, if your wife can access the insurance money then she will be able to pay it off to the lender without having to sell the house.
If your wife is unable to make the payments, then she may approach the insurance company along with a death certificate of your mother-in-law. Also, you need to fill up a form for claiming of the policy funds. But the company may allow your wife to access the funds provided it is a mortgage life insurance policy that promises to pay down the mortgage debt after the borrower's death.
Hope this will help you...
God bless you.
Samantha
Thank you everyone for your imputs, Answered my question. Thanks again
Wayne Miller
Wayne Miller
You're most welcome Wayne :)