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  1. #1
    Join Date
    May 2007
    Posts
    2

    Default Stuck In A Life Estate With A Mortgage

    My husband died before being able to add me to the house deed. Now that he is gone, I understsand that my only interest in the home is "life estate''and that the home will pass to his children, who are not mine, after my passing. If the house was paid for it would absolutey be no problem. My issue is, there is an outstanding mortgage to the tune of $80% of the value of the home. Am I to understand that I am to work the rest of my life to pay this mortgage knowing that I cannot leave the home to my child, neither can I refinance to get better terms on the mortgage? Please tell me this is not so.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Stuck In A Life Estate With A Mortgage

    Laws are different in each state. It is common for the life estate holder to be responsible for payment of interest on the mortgage, with the remaindermen responsible for that portion of the payment which goes to principal.

  3. #3

    Default Re: Stuck In A Life Estate With A Mortgage

    Whose name is on the mortgage? Unless your name is on it, you are not responsible. You may or may not be responsible for the interest so check with a local attorney that can explain your rights and responsibilities. Normally you have to pay the taxes, insurance, and maintenance. You can sell the life estate to his kids or rent out the property and keep the rent.

    If you go on Medicaid, the state might be able to claim an interest in the house.

  4. #4
    Join Date
    May 2007
    Posts
    2

    Default Re: Stuck In A Life Estate With A Mortgage

    Thanks guys, I appreciate your response. I am fairly new to this Country and, hence, your laws, so please forgive my ignorance. I did sign some papers at the closing, both during the purchase and during a subsequent refinance, but, since I was not asked to produce any form of proof of income, or credit worthiness and seeing that none of the correspondence from the bank has my name on it I assume that I am not on the mortgage. Am I right? By the way, the title company was instructed at the time of the refinance to put my name on the deed. I now understand that they could not have added it.

    Oh, I am in Florida, and, I don't know if it makes a difference, but my child is also his child.

    Thanks, I really appreciate your response.

  5. #5

    Default Re: Stuck In A Life Estate With A Mortgage

    You need to talk to a local attorney about what you can claim as his wife.

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