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What happens if your mother dies and she owns the mortgage on your brother's house but your brother is the only one on the deed? |
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Answer
Chances are that you mother owned the property, borrowed against it and then deeded it to your brother. Your brother took title subject to the mortage. The best thing to do is to encourage your brother to refinance and get a loan in his name. The existing loan might have a clause that accelerates payment in case of the death of the borrower. It is unclear if the lender would be willing ot continue accepting the payments, but your brother will lose the house in foreclosure if he doesn't make the payments.
First answer by Chslaw. Last edit by Chslaw. Contributor trust: 733 [recommend contributor]. Question popularity: 32 [recommend question]
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