What are my rights if my mother left her house to me in a life estate but it was mortgaged?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are my rights if my mother left her house to me in a life estate but it was mortgaged?
She died 3 years ago. The mortgage is in her name. The mortgage company will not transfer to loan into my name but the county has the property listed in my name. Will it affect my credit if I can’t sell it or rent it and I can’t make the payments?
Asked on January 5, 2015 under Real Estate Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I need to clarify some of the question to see if I understand it correctly. Your mother left you a lief estate in the house that she lived in before she died. That means that she gave you the right to occupy the house the rest of your life. It also means that someone else was left the house as the "remainderman" for after you pass away. The loan can not be refinanced in to your name. That is not part of the deal. But you have a right to rent the property during your lifetime and you have the right to collect those rents as your own. Generally you have all financial responsibilities but as to the mortgage you can share them with the remanderman. I would speak with a lawyer. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.