Legal Question in Wills and Trusts in Mississippi
All heirs quit claimed their rights to me. Is this enough to get a loan?
My mother and father died. My mother left a will leaving me the house but she was not on the warranty deed and she died first. My father died without a will. All my brothers and sisters have signed over their rights to me. I have been preapproved for an equity line to repair the house. I am not trying to sell the house just repair it. Can I get a loan with this title?
2 Answers from Attorneys
Re: All heirs quit claimed their rights to me. Is this enough to get a loan?
The lender will probably be satisfied to the degree he or she is confident that all your brothers and sisters have transferred their interests to you by deed.
Re: All heirs quit claimed their rights to me. Is this enough to get a loan?
Probably not. To get the loan, the lender will want the loan secured in the property. Unless legal title has been passed to you, you won't have a right to secure the loan with an interest in a home to which you don't have title. However, you could secure it with an interest in other property. You need to conduct an estate proceeding for your father's estate so that legal title to the property can be passed to you.
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