Legal Question in Real Estate Law in Illinois
warrany deed from mom with a mortgage still on home
my mother died two yrs. ago. the week before her death, she filed a warranty deed, giving the home she and my stepfather owned to us three daughters. there is still a debt on this home. my mother stated in her will that my stepfather could live in the home as long as he wished . only if he paid the taxes, mortgage, and upkeep on the home. she also states in a will that he has no right to sell the property. that it belongs to us daughters. my mother did all this to protect us girls..this is what she told me, anyway. she was not sure what my stepfather would do if she died. she owned the home before they met. they, together, refinanced to pay off credit cards,ect. My step father remarried last yr.
my qustions are 1) what happens if he ''walks'' away from the home, and does not pay the debt on the home?
2)can he ask us to buy him out? he feels he has a share in it. {money he has put in the home after my mom died ect.} i asked the bank about this when he remarried. they said no. he has no claim. he should have, by rights, asked us if it was ok to do the changes in the home, the bank told me that it was as if he was ''renting'' from us.
3)are we responsible for the debt if he does not pay? can bank take the home?
1 Answer from Attorneys
Re: warrany deed from mom with a mortgage still on home
Without reviewing the documents, especially the warranty deed and will, there is no way to give you an accurate answer. One thing of which I am sure--your banker is probably practicing law without a license. Please disregard anything he or she tells you regarding ownership and legal status of the property. He or she is qualified to tell you what the loan balance is, and that's about it. In your question you state that your mother *and your stepfather* owned the property. This would mean he has a legal interest in the property. If that is the case, unless he signed the warranty deed recorded by your mother, he still owns a half interest in the house. Please have a real estate attorney review the documents and give you an accurate answer. It sounds like your stepfather signed the note and mortgage on the property, so he would be responsible payment. We would be happy to assist by reviewing relevant documents.
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