My husband passed away in July. He had a simple will drawn up in which most of the stuff he left to people are just little momentos and stuff. He also has his house he had when we got married. His mother lives in it and pays the rent to us to apply to the mortgage payment. My husband wanted to leave the house to me to be sure his mother had a place to live, but I refused saying I didn't want anything to do with it. He said he understood and if nobody wanted to buy it, to just let them foreclose on it because he'd be dead and his credit wouldn't matter anymore.
Well, after talking to him, in his will he left the house to his two daughters (as I suggested) because the house meant something to them. They'd lived there for years. Anyway, he still has a mortgage on that house. I've asked around and it seems that it just can't transfer into their names. I've been told that they'd have to take out a mortgage in their names. Is that true? One of them is a college student and the other one just built a huge house with her husband so I know she won't qualify for a loan in her name. I was told by one person that we'd have to open up an estate and get it into probate to get the name changed. But, they'd still have to have their own mortgage, right?
The only solution I can see is for them to leave everything like it is until his mother either passes away or decides to move elsewhere, as stated in the will. How much legal trouble would we/they be in if we just left things like they are? Couldn't they just pay the payment every month and let things ride like that until something happens with MIL?
As for me, couldn't I just sign a statement and have it witnessed and notarized saying that I wanted nothing to do with the house and never would, relinquishing any rights I might have. I've been told that because I'm his wife that everything he owned became mine. That house isn't something I want at all. His daughters spent years there. It means something to them so I will sign some kind of statement if you all think that'd be legal.
Any help anybody can give me would be greatly appreciated. I'm worrying myself sick about this. DH thought he handled everything so it'd be easy for us to handle. This house thing is the only thing that doesn't seem to be simple and seems to be a big thing to try and deal with.
Thanks so very much in advance for any advice anybody has!
--hiswife
Well, after talking to him, in his will he left the house to his two daughters (as I suggested) because the house meant something to them. They'd lived there for years. Anyway, he still has a mortgage on that house. I've asked around and it seems that it just can't transfer into their names. I've been told that they'd have to take out a mortgage in their names. Is that true? One of them is a college student and the other one just built a huge house with her husband so I know she won't qualify for a loan in her name. I was told by one person that we'd have to open up an estate and get it into probate to get the name changed. But, they'd still have to have their own mortgage, right?
The only solution I can see is for them to leave everything like it is until his mother either passes away or decides to move elsewhere, as stated in the will. How much legal trouble would we/they be in if we just left things like they are? Couldn't they just pay the payment every month and let things ride like that until something happens with MIL?
As for me, couldn't I just sign a statement and have it witnessed and notarized saying that I wanted nothing to do with the house and never would, relinquishing any rights I might have. I've been told that because I'm his wife that everything he owned became mine. That house isn't something I want at all. His daughters spent years there. It means something to them so I will sign some kind of statement if you all think that'd be legal.
Any help anybody can give me would be greatly appreciated. I'm worrying myself sick about this. DH thought he handled everything so it'd be easy for us to handle. This house thing is the only thing that doesn't seem to be simple and seems to be a big thing to try and deal with.
Thanks so very much in advance for any advice anybody has!
--hiswife
