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  1. #1
    Join Date
    Aug 2007
    Posts
    6

    Default House Was Left To Me - Can I Rent It And Keep The Proceeds

    House was in both our names, husband/wife w/ rights of survivorship. Mortgage was late husband's name. I am the executrix of the estate---and house is now in my name alone.
    Estate is still open and will be for a while (maybe up to a year).... am I able to rent the house and keep the proceeds (or use it to repair/upgade the house) and still continue to pay the mortgage from the estate? Is this legal?

    new jersey

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: House Was Left To Me - Can I Rent It And Keep The Proceeds

    Quote Quoting widowed
    View Post
    House was in both our names, husband/wife w/ rights of survivorship. Mortgage was late husband's name. I am the executrix of the estate---and house is now in my name alone.
    Estate is still open and will be for a while (maybe up to a year).... am I able to rent the house and keep the proceeds (or use it to repair/upgade the house) and still continue to pay the mortgage from the estate? Is this legal?

    new jersey
    actually if it was owned JTWROS, the house is yours and passes outside of probate. The estate has no claims on the house.

    The problem may be; is there is still a current mortgage on the house. Is there a due on sale clause and how did the transfer into you and the wifes name escape the activation of that clause?

    Even with that being as it is, chances are the clause will be invoked at this time and you will need to refi to pay off the current mortgage now.

    No, you cannot pay the mortgage from the estate since it is your house and has no relation to the estate.

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