Posted on: 09th Feb, 2010 04:35 am
Hi, In dire need of advice...Right before my mom died, she executed a Grant Deed for her property stating all 6 of her children as the grantees. She still owes alot on the property and the people living in her house are not reliable in paying the mortgage. Does this mean all of us listed as the Grantees are now responsible for the mortgage and property tax etc?
Hi,
Since your mom executed a grant deed with all 6 of you as the grantees, all of you are now legal owners of the property. Thus, you are responsible for the property taxes. But as none of you is listed on the title to the property, you are not responsible for the mortgage payments. Nevertheless, if the mortgage payments are stopped, the property will go into foreclosure. Hence, the mortgage has to be current, if you want to keep the property.
Since your mom executed a grant deed with all 6 of you as the grantees, all of you are now legal owners of the property. Thus, you are responsible for the property taxes. But as none of you is listed on the title to the property, you are not responsible for the mortgage payments. Nevertheless, if the mortgage payments are stopped, the property will go into foreclosure. Hence, the mortgage has to be current, if you want to keep the property.