Legal Question in Real Estate Law in California

My dad sold property a while back and holds the note. The buyers are still making payments to him. He has recently executed an Assignment of mortgage to my mom and us 5 children. When he passes, will this need to go through probate, or can we (children) continue collecting payments?


Asked on 4/04/16, 9:06 pm

1 Answer from Attorneys

Unless you consulted with an attorney in preparing this assignment of the mortgage you have a number of potential problems. If it was not done properly it will have to be probated. If it was done properly he may owe gift tax. There is also the question of whether it was properly recorded so that you could foreclose if you had to after he dies. If you did the assignment with a lawyer, they should answer your questions. If not, you need to talk to a local lawyer in person and get this sorted out.

Read more
Answered on 4/05/16, 8:02 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in California