mortgage, deed and sudden death

Are you asking if your name is on the Deed? Or are you saying your name is on the Deed?

If your name was on Title, and it read "Dad or Son", the house is already in your name. If it read "Dad and Son", your Dad's Will and/or Living Trust will come into play and the legal system will determine who gets Title.

Are you on the Note? If "no", you're not responsible for the Mortgage. But you'll want to keep making the payments if there's equity in the property. If "yes", you're obligated contractually to continue making payments.

You need to see a Probate Attorney, and the Attorney is going to need the Will and/or Living Trust, if one is available. If not, your Dad's Estate is going to have to go through your State's Probate process.

Probate is expensive, as Attorney's in general are, so I suggest checking into Pre-paid Legal first. Signing up with them will gravely reduce your expenses, and you'll receive the proper legal guidance you deserve.

"gravely" seems like the wrong adverb there, raymond.

i guess i should have jumped on pre-paid legal a while back, huh?

I don't have any pre-paid legal for myself either, but am seriously considering it. I don't have any potential legal issues, but that's the idea of having it. It's there when something comes up.

My son would have saved a lot if he had it. His Mother passed unexpectantly and didn't have a Will or Living Trust, so her Estate had to go through Probate, and that cost almost $15,000.00. And it was a simple Probate too, uncontested and he's the only child. Then his Grandfather passed, Easter before last, and left Raymond his Estate, and he had a Living Trust. But we're still going through the legal Process and the Trust hasn't been settled yet, and the fees just keep adding up. He would have saved so much money if he belonged to pre-paid legal.

i'm surprised you don't have it; you touted it earlier as if you were one of them...i don't mean to be flippant in the way i say that...it's just that when i was first introduced to it, i didn't believe in what people were telling me; and it looked too good to be true. i happen to be a skeptic.

My mother passed away and the house is deeded to my mother and myself.
I am not on the loan because I filed bankruptcy in 2003. Can i continue to make the loan payments?

yes, melinda, please do that. how is your credit since the bankruptcy? have you checked it lately? do so now, and ensure that whatever is there that might be bad can be fixed, what might be incorrect can be corrected, and if there isn't enough to help you out down the road, by all means, go establish (or re-establish) some credit. if you've already done all that, and your score is decent, you can do the legal work that will place the home in your name alone (assuming that's how it'll end up) and go seek a new mortgage of your own by refinancing.

it's not out of the question for you to continue to pay your Mom's mortgage until such time as it becomes a zero balance, of course. if that's the way to go, then do that.

don't let the lender drive you to something you don't want to do simply becuase your name isn't on the mortgage. they could, of course, demand payment in full of the mortgage, but if you just keep making payments, then maybe they will show how smart they are and not do anything at all.

hi melinda,

you can continue to make the payments but it would be a better option to refinance the loan in your name. you'll be able to refinance the loan if you've a good income and credit score.

thanks

Definitely talk to an Attorney. If you are not on the loan you are not financially responsible in general. I don't know if there is a Will.