Legal Question in Real Estate Law in Arizona

deed

My sister quit deeded a house she owned to me. It had a clear title. Only my name was on the deed.She had a terminal illness and said it was the easiest way to leave the house to me. Months later, she asked if I could give her some money so she could travel and go out in a blase of glory. I was going to take out a home equity loan and give it to her, but ended up deeding the property back to her and buying the property since mortgage rates are cheaper than home loans. The selling price was about half what the house was appraised for. She recently passed away and we learned she had taked out a large home equity loan on her primary home in addition to maxing out her credit cards. My concern and question is, can the bank, mortgage company, credit card company or anyone else come after the house she once owned an I currently have a large mortgage on. Thanks


Asked on 1/16/08, 8:19 pm

1 Answer from Attorneys
Gloria Meyer Meyer Law Office

Re: deed

My understanding is that the house you bought from your sister was not her primary home. In that case, the mortgage company would have a lien against the primary home, and the mortgage company will have to be paid before the primary home can be transferred. Other creditors can collect by making a claim against the probate estate.

Any liens against your home should have been discovered when you bought the home, so it is very unlikely that the mortgage company will try to go after your home.

Read more
Answered on 1/17/08, 11:44 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona