Ask Experts Questions for FREE Help !
Ask
    superfemeie's Avatar
    superfemeie Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 5, 2009, 03:26 PM
    Is it a good idea to get added to my moms deed?
    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!
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Feb 5, 2009, 03:41 PM

    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.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #3

    Feb 5, 2009, 04:28 PM
    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.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    Feb 5, 2009, 05:02 PM

    Lisa, thanks for that explanation. Do you have a list of states or a link where I can read more?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #5

    Feb 5, 2009, 05:17 PM
    Here's a site with a list of states and a pretty basic explanation.

    Deed of trust
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rerouting pipes in 12 unit condo building? Good idea or bad idea [ 2 Answers ]

Is it a good idea to reroute pipes for a 12 unit building rather then take the chance of digging up concrete parking lot and plumber not finding where break in clay pipe is? If there is a break in the pipe at all how can you put a liner in if you can't see?? I personally think the plumber is lying...

Is it a good idea to deed property back to bank,when home is abount to go into forclo [ 1 Answers ]

I have a relative facing forcloser I was wondering if it woul dbe better to deed property back to bank would it help him a s far as his credit report. Thanks

Name added to deed without knowing [ 6 Answers ]

OK, a Mom and Dad own a house and are advised to put the house in their adult children's names. They sell each child a share at $1 each with the stipulation that the children cannot kick the parents out of the house, but once they died, the children would own the house and avoid probation. The...

How do I add my name to my moms deed [ 11 Answers ]

Hello, I am new to this,, I would like to know how should go about adding my name to the deed of my moms house, she has cancer and she is not doing well at all I live with her, but my name is not on the deed, and we still have a..

View more questions Search