Posted on: 24th Apr, 2009 04:17 pm
My brother had his house in my father's name. The mortgage was in my father's name. Prior to my father's death he signed a quick deed to my brother. We are trying to settle his estate and the bank is looking at the estate for payments on my brother's house. My brother can not get financed. If the estate owe the mortgage can the estate sell the house to settle the mortgage?
Hi Anna,
If the house was quitclaimed to your brother he owns the property now. But as his name is not on the loan, he cannot be held responsible for its payments. However, the lender can still foreclose on the property in case of a default, becasue the property is the collateral for the mortgage.
If the house was quitclaimed to your brother he owns the property now. But as his name is not on the loan, he cannot be held responsible for its payments. However, the lender can still foreclose on the property in case of a default, becasue the property is the collateral for the mortgage.