Legal Question in Real Estate Law in Missouri
My father and mother died a year ago and my father deeded the house to me upon his death. their is a home equity on the home and I want to know if I am legally responsible for this loan my name is not on the loan only my mother and father. and can they take the house from me if I cannot pay on it sense the house is no longer in my father's name.
1 Answer from Attorneys
The mortgage is filed with the recorder of deeds; payment is secured by the value of the house. If you don't make the payments they will foreclose and you will lose the house. Presumably your parents received a loan and used the proceeds to purchase the home or other assets so why would you believe the loan is not due and payable? If you have any equity in the home (value - mortgage = equity) and you cannot afford the payment, sell the house while you can and put the net equity, if any, in your pocket.
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