Mortgage Deed

[ELNbluemax2]

Please help..my first post didn't go through.
If a Purchase Money Mortgage Deed is worded John and Mary Smith, husband and wife,Mortgagee,does it have to go to Probate because of the "and" or does the "husband and wife" designation and the singular word "mortgagee" make a difference and it escapes Probate??? Much obliged for your answer. In Ohio.

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ELNbluemax2:
Please help..my first post didn't go through.
If a Purchase Money Mortgage Deed is worded John and Mary Smith, husband and wife,Mortgagee,does it have to go to Probate because of the "and" or does the "husband and wife" designation and the singular word "mortgagee" make a difference and it escapes Probate??? Much obliged for your answer. In Ohio.<HR></BLOCKQUOTE>

How the husband and wife held title to the property at the time the PMM was given is the key to determine probate jurisdiction. If title to the property was held by tenants by the entirety (a form of joint tenancy only for those married) and one spouse dies, the property would automatically be transferred to the surviving spouse, thus bypassing probate. If title was held by tenants in common, then the property would be subject to probate. Any property in joint tenancy is not subject to probate action.

 

[ELNbluemax2]

I think I left out an important part of my question about the PMM. We sold this property in Oct. 1998. We are holding the mortgage til Nov. 1, 2000, when the buyer's balloon payment is due. The buyer has title to the home. We are the Mortgagee. Does that change your answer???? Thanks

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ELNbluemax2:
I think I left out an important part of my question about the PMM. We sold this property in Oct. 1998. We are holding the mortgage til Nov. 1, 2000, when the buyer's balloon payment is due. The buyer has title to the home. We are the Mortgagee. Does that change your answer???? Thanks<HR></BLOCKQUOTE>

Yes it does.

[This message has been edited by HomeGuru (edited July 24, 2000).]