If my mother is having a house built and letting me live in it and make payments , after she dies how can I keep the house and keep making payments?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my mother is having a house built and letting me live in it and make payments , after she dies how can I keep the house and keep making payments?
I have very bad credit.
Asked on June 11, 2012 under Real Estate Law, Arkansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It is best if you go and see ana ttorney in your area that helps with estate planning. First, are you on the deed to the property with "rights of survivorship?" This will insure that you inherit the proeprty automatically upon her death. Otherwise it becomes part of her estate. It could still pass to you via Will but then it would have to go through probate. Is you Mother holding the mortgage and are you making payments to her or is ther a bank involved? If she is holding the mortgage then you need to set up some legal entity to make payments to after she passes and have some document (again maybe the WIll) allowing that. If the bank hold the mortgage and you inherit the property you can still make payments with out having to refinance the mortgage in your name. It is an exception to the regular rule. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.