<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ELNbluemax2:
I forgot an important part of my question and then posted it as a "reply" to my own posting.
We sold the home in Oct. 1998 and the balloon payment is due us in Oct. of 2000.
We are the mortgagee...buyer has title to home. My husband died 2 months ago. Does this change your answer to my question just posted previously here???? Thanks<HR></BLOCKQUOTE>
My opinion is that the PMM payoff proceeds would not be subject to probate as long as you and your husband owned the property as joint tenants when you sold the property and gave the PMM. Your right of survivorship allows you as the surviving joint tenant to collect the money and avoid probate. Make sure the title to the property reflects your husbands death concerning the PMM. Sometimes the recording office does this automatically and sometimes you may have to give them the death certificate to record. You need to check on this. Once this is done, the check to payoff the PMM should be written to you only if through escrow. On a non-escrowed transaction, you should write a letter to the buyer informing them that due to the death of your husband, the check should be made payable to only you.
