Legal Question in Wills and Trusts in New Jersey
My father does not have much longer to live. His home currently has a mortgage but is being rented and the rent pays the mortgage and the taxes. Last year my father put my sisters and my name on the deed. When he does pass and his home goes into probate does the home need to be sold? or can we continue to pay the mortgage with the renters money??
1 Answer from Attorneys
If the legal title is already in your and your sisters name, you do not have to sell the house. As long as you continue to make mortgage payments and pay other property taxes and related expenses of maintaining the house, you're okay. You may want to consult with a local real estate lawyer to discuss communicating with the mortgage holder to substitute you on the mortgage.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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