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?

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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 9 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.


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