My Mother-in-law has the mortgage on a home but IS NOT ON THE DEED. If she dies what happens to the outstanding balance on the mortgage?
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My Mother-in-law has the mortgage on a home but IS NOT ON THE DEED. If she dies what happens to the outstanding balance on the mortgage?
Mother-in-law is 80 years old she has a mortgage on her friend’s home but her friend has her home in a Illinois land trust and she is not on the deed at all. What happens to the rest of the mortgage if she dies? Are the people on the deed responsible for the rest of the mortgage? Their names are not on the mortgage at all just my mother-in-law.
Asked on June 25, 2009 under Real Estate Law, Minnesota
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Well, let's put it this way: your mother in law is responsible for a house she doesn't own. Weird and wrong. Why did this happen? Hiding assets? Hiding debts? Was this via a quit claim after the neighbor financed first? If so, and the mortgage company finds out, it may try to quiet title. Bottom line, the note's security is the house. The company could most likely still place a lien at the very least on this house.
For more information, try www.attorneypages.com and chekc his or her record at the Minnesota State Bar.
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