• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Mom's estate

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

vector74

Junior Member
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.
 


xylene

Senior Member
I urge you strongly to stop making assumptions and see an estate planner.

Is it too late to draw a will? Is mom incapacitated?

You should see an estate planner even if a will is no longer a prospect.

Good luck and be well.
 

curb1

Senior Member
What are "the other assets" worth? Why couldn't you pay the mortgage with the "other assets" that you would inherit? You (being the owner) will be responsible (who else would be responsible?) for the mortgage payments. Your choice will be to continue making the loan payments and keep the condo, or walking away, lose the 50K equity and put a "stain" on your credit.
 

tranquility

Senior Member
How did you get the condo in your name? At the very least, the bank will have a lien on the property and can probably go against mom's assets for the rest.

Since I also think things can be better arrainged, I agree with xylene, see an estate planning attorney.
 

nextwife

Senior Member
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.
If the mortgage is not paid, you will lose the house through foreclosure. You need to make certain to protect the equity by keeping the mortgage current, from other assets, if need be. Are you saying you are on title now?
 

vector74

Junior Member
How did you get the condo in your name? At the very least, the bank will have a lien on the property and can probably go against mom's assets for the rest.

Since I also think things can be better arrainged, I agree with xylene, see an estate planning attorney.

I was put on title at time of purchase but not on the Loan(because at the time we thought that that would be a way to transfer ownership.. Would it have been better for me not to have been on the title to begin with?
My mom's assets would not be able to cover the 200k loan amount.

She's not incapcitated yet and not on mind altering drugs so will look into contacting an attorney

Thank you for all your replies
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top