Legal Question in Wills and Trusts in Mississippi
Who owns the rights to a deed of trust
My father passed aaway leaving only me and my step mom. the will left her everything except the house I grew up in, which was left to me. HOwever he sold the house, financing it himself, before he died. A lawyer holds a deed of trustand promisary note to the property. Am I entitled to the money still owed on the house? I have been getting the monthly payments, but now they want to pay it off and their lawyer says the money goes to both of us, even thogh she knows what the will said and we agreed not to probate it, just go by it. someone told me I don't get anything, because my dad did not own the property when he died.
1 Answer from Attorneys
Re: Who owns the rights to a deed of trust
You get whatever interest your dad owned at the time of his death. For example, if the house is worth $100K, and he owed $90K on it, leaving him with $10K in equity, you get the $10K in equity. From what you're saying, it sounds as if the lawyer had an interest in the home at the time of your dad's death. Thus, the attorney is entitled to get their interest and you get whatever your dad had.
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