Will & Trust

[jsmith08000]

West Virginia

I have a friend that is dying from brain cancer... She has told me that she is giving me her house in her will. The house is not paid for, so will I have to get aproved for the loan or will the mortgage just be signed over to me? She does have life insurance & another friend told me that part of that will go to paying the mortgage, is this true? Also someone told me that I could have her put me on the deed before she dies to make things a lot easier, is this a good option? I would just like to know what I am getting into before I tell her yes I will take it. The doctors have only given her a month to live & I need to act fast.
Thank You,
Jess Smith

 

[curb1]

1) Call the company that is holding the mortgage for your answer. If you can't continue the mortgage, sell the house.

2) How does the "friend" know that "part of that (insurance) will go to paying the mortgage"?

3) Putting your name on the deed could get "messy" for taxes.

 

[nextwife]

LIie insurance must go to the named beneficiary. Perhaps someone is referring to a credit life policy that sometimes accompanies the mortgage if the borrower opted to take it out. Presume you will not both get the house and also get it paid off.