Posted by Dave T on June 26, 2004 at 13:51:51:
Since the wife is now sole owner of the property, and is jointly liable with the husband for the mortgage loan, I doubt that the lender will be one of the creditors standing in line when the husband’s estate is probated.
Husband Dying & Subject 2 - Posted by romitobaby
Posted by romitobaby on June 23, 2004 at 18:25:06:
A friend has an option to purchase an Indiana property where the husband is dying of cancer and the couple have moved in with relatives (probably for care and support). Payments are current, but husband wants out from under the house before he passes on (so his wife won’t have to deal with it). I want to buy my friend?s option and purchase the home subject to the existing mortgage. It has good monthly cash flow.
What are the ramifications when the husband dies if the mortgage is held in both husband and wife?s name but title isn’t? Is this going to be a legal ?sticky wicket? of which I don?t want to be a part? Any “procced with caution” advice?
Re: Husband Dying & Subject 2 - Posted by John Merchant
Posted by John Merchant on June 24, 2004 at 08:10:36:
What’s the problem? If W doesn’t want to deal, I’d forget it and move on, but if they’re both wanting to sell, and you get deed from both, no problem is there?.
Re: Husband Dying & Subject 2/REPLY - Posted by romitobaby
Posted by romitobaby on June 25, 2004 at 09:57:22:
Thank you for your reply. The dying husband has quit claimed the property to his wife, but the mortgage is still in both names. If I took the home Subject 2, wouldn’t the mortgage debt be included when probating his will (thus the sticky wicket)?
Estate RE subject to debt - Posted by John Merchant
Posted by John Merchant on July 09, 2004 at 13:37:31:
All the heirs/beneficiaries can get is what the decedent owned…a property with a mortgage debt, which is gonna have to be paid by somebody.
So any buyer or taker can only get a mortgaged property and will obviously have to deal with the note’s being paid.