What is the name of your state?
California
My Mom is currently battling cancer and doesn't have much time to live. My question is, is that there is currently no will. The condo that she lives in, was purchased last year and she is the only one on the Mortgage but I am on the title. I am an only child and will be the sole heir. I am curious about what happens when she dies. Since I am on title I know that the house comes to me, but since I am not on the mortgage, who is responsible for that? With less than 50k in equity, and the housing market the way it is. I'm getting nervous because personally I don't think i'd be able to continue making the mortgage payments before the house sold.
I am also co-owners with her on a house in Oregon that has no Mortgage, so I assume that, that property will just pass over to me.
Her other assets are mainly in IRA's and brokerage accounts.
thanks for any help.
California
My Mom is currently battling cancer and doesn't have much time to live. My question is, is that there is currently no will. The condo that she lives in, was purchased last year and she is the only one on the Mortgage but I am on the title. I am an only child and will be the sole heir. I am curious about what happens when she dies. Since I am on title I know that the house comes to me, but since I am not on the mortgage, who is responsible for that? With less than 50k in equity, and the housing market the way it is. I'm getting nervous because personally I don't think i'd be able to continue making the mortgage payments before the house sold.
I am also co-owners with her on a house in Oregon that has no Mortgage, so I assume that, that property will just pass over to me.
Her other assets are mainly in IRA's and brokerage accounts.
thanks for any help.