My question involves real estate located in the State of: Kentucky
In 1995 my in-laws deeded property to my husband and I on a survivorship deed. At that time, we got a mortgage and built our home. Their home also is on our property. Since then, my in-laws have been put in a long term care facility and my husband has lost his job. We are working as hard as we can but are in danger of foreclosure. My question is: Can the mortgage company foreclosure on the property since the loan is in both my husband's and my names but the property is technically still in the names of my in-laws? It was my understanding (when I just recently realized the deed was a survivorship deed) that the property will belong to my in-laws until both of them pass away and at that time it will transfer to my husband and I.
In 1995 my in-laws deeded property to my husband and I on a survivorship deed. At that time, we got a mortgage and built our home. Their home also is on our property. Since then, my in-laws have been put in a long term care facility and my husband has lost his job. We are working as hard as we can but are in danger of foreclosure. My question is: Can the mortgage company foreclosure on the property since the loan is in both my husband's and my names but the property is technically still in the names of my in-laws? It was my understanding (when I just recently realized the deed was a survivorship deed) that the property will belong to my in-laws until both of them pass away and at that time it will transfer to my husband and I.
Co-Ownership: Foreclosure with Survivorship Deed (Still Living)
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