Legal Question in Wills and Trusts in Illinois
step mom died without a will
My step mom died without a will. She had one asset - a house. It has a reverse mortgage on it. I want to do an affidavit of hiership on the house and then finance the house to pay off the reverse mortgage. Is this possible in Cook County? She also has tons of bills.
The insurance policy was used to pay for the funeral. There is another - I am the beneficiary. That is about it.
3 Answers from Attorneys
Re: step mom died without a will
You will want to be sure that you don't "finance" the house before the liabilities of your step-mother's estate are taken care of. It is possible that the assets you invest in the house may be attached by creditors if the title of the house is still in her name.
You will want to seek the advice of a probate or real estate attorney on this since there are property interests involved, and mistakes could be costly.
Good luck to you.
Re: step mom died without a will
Before you can do an affidavit of heirship, you must file a probate case in court. Title to real property cannot pass without a probate court order. You will have to notify all the creditors. Those known can be directly notified, such as the bank that holds the reverse mortgage. Others can be notified by publication. That takes 6 months. Please call for a free consultation if this case is in the Chicago area.
Re: step mom died without a will
You need to contact a local Cook County, Illinos probate attorney, Call the local probate office there and they will be happy to recommend a couple names to you of attorneys who regularly practice before that court.
You mention an heirship affidavit, but obviously, since step-mom passed without leaving a Will, you are NOT one of her heirs nor a beneficiary of her estate.
As a third party, you should be free to negotiate a buy-out of the property from the lender (the holder of the reverse mortgage), but that will also depend on what your step-mom's contract says in that regard, as well as a possible statutory (automatic under Illinois law) right of her true heirs to "redeem" the property back from you if they so choose assuming you "work a deal" with the lender's foreclosure on the property and you buy it from them.
If we can be of further assistance or should you wish to retain us to "monitor" your choice of Illinois local counsel, please let us know. Sorry for your recent loss, and have a blessed rest of the week. Kindest regards and sincere condolences. Chip
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