Posted on: 29th Aug, 2009 05:22 pm
my parents bought a house for me, but i have always paid the mortgage and always on time for 11 years this past july. my father died in 2003 and i inherited half of the house. so now my moms name and mine are on the loan and the house. my mom was diagnosed with cancer and is in fear of having to claim bankruptcy. my credit is horrible due to student loans and a past divorce, along with my own medical bills due to graves disease. can i have her quit deed now since she is so far up to date and not behind on any bills..and how do you do it? and if she claims bankruptcy and her name is still on the loan does that matter? and if she were to die and the loan is in her and my name, does her estate (if there is any life insurance etc) have to pay off the loan first? or just half? or can i refuse to have it paid off and just take it over myself? thank you very much.. debbie
you are answerable for timely & full payment of mortgage
Hi tall!
Welcome to forums!
If your mother transfers the property to you, she won't be able to file bankruptcy now. She will have to wait for at least a year before filing bankruptcy or else the property transfer would be considered as fraudulent.
On her death, I think her estate would only pay off her half of the mortgage. You would be responsible for paying off your portion of the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your mother transfers the property to you, she won't be able to file bankruptcy now. She will have to wait for at least a year before filing bankruptcy or else the property transfer would be considered as fraudulent.
On her death, I think her estate would only pay off her half of the mortgage. You would be responsible for paying off your portion of the loan.
Feel free to ask if you've further queries.
Sussane