Legal Question in Real Estate Law in Missouri
My brother is deeding me a second home he owns. He is upside on his first mortgage and may in a few years default on it. If he deeds me the property now, can the mortgage company come take this second home from me, if he defaults?
Asked on 2/27/12, 1:52 pm
2 Answer from Attorneys
Anthony Smith
LawSmith
Your brother cannot transfer more than he owns. If he has a mortgage, then he does not own the house free and clear. If your brother passes what he owns to you, you take it subject to this and other liens.
Good luck.
Answered on 2/27/12, 2:54 pm