questions & answers

Question: I have taken care of my father for many years and he finally passed away in 2013. He put my name on the house deed in 2011 but kept the mortgage in his and my late mother's names. Now that they are both deceased what do I do about the mortgage that is in his and my mother's name? There was no probate as I took over the mortgage payment and the one bill he still owed on. I simple have no clue what to do about the mortgage because I only have $730.00 per month in Social security disability and know that banks won't lend to anyone with that low an income. What can I do?

Answer: From the facts described, this is essentially a financial matter and beyond the scope of this website, e.g., the debt/equity ratio for the property and whether the remaining mortgage debt can be paid with available assets, which you indicate, is not a viable solution. You may wish to begin by discussing your options with the mortgage lender or a financial advisor. The financial problem here does not depend upon any obvious legal issue, i.e. that you are not a party to the mortgage contract. It can be said that the deed, now held by you as sole owner (former “Joint Tenant” with “Right of Survivorship”, as the facts describe) is a straightforward property transfer; and this type of transfer also avoids the need for a will/probate.