My mom wants to add me to her deed just in case something were to happen to her. If I am added, would I be responsible for the mortgage or anything else? If she did pass away, wouldn't I automatically have a right to her home (assuming there is no will)?

So basically, is it a good idea for her to add me?

Thanks!

Does your mom actually have the deed to this property? The deed is likely in the hands of the mortgage holder and you'd need their permission/agreement to alter the deed or mortgage. Do not assume you get her home if there is no will. Other relative, known or unknown can make a claim and even folks claiming to be relatives.

Ballenger, the lender holds the deed only in states which are "Deed of Trust" states. In other states (most of them) the homeowner holds the deed and the lender has only a mortgage.

To the OP: If your mother adds you to her deed, and the two of you own the property as "joint tenants with right of survivorship", then when one dies the other automatically owns the entire property with no need for probate.

If you get added to the deed and there is a mortgage on the property then you should be aware of two things: first, most mortgages contain a "due on sale" clause which means that the lender can declare the mortgage immediately due in full since the addition of you to the deed is considered a sale. This is not usually invoked by the lender as long as the mortgage payments continue to be made. Second, if you are added to the deed and the mortgage payments are not made then you are not personally liable for the loan but the lender still has the right to foreclose on the property. So you will lose the house but the lender can't come after you for any additional amounts that may be due.

Also, please note that there may be tax consequences for you if your mother adds you to her deed now, since it would essentially be considered a gift. I suggest that you speak to a real estate attorney and/or an accountant before taking this step.

Lisa, thanks for that explanation. Do you have a list of states or a link where I can read more?

Here's a site with a list of states and a pretty basic explanation.

Deed of trust