My question involves estate proceedings in the state of: New York
My father passed earlier this year, my mom is JTROS on the nys deed. They were divorced years ago but they kept the deed the same as he wanted it to still pass to her upon his death.
My father had/has a mortgage on the house that I have been paying since his death, I now occupy the house. She lives at her own place.
My mom has not filed a quitclaim deed to change it to her as sole owner as it seemed unnecessary up until recently, she has found out she may be terminally ill; now she wants to leave the home to me when she passes and avoid probate.
We do not want to do something that will trigger the "due on sale" clause with the mortgage company, I want to keep making payments when she passes and own the home a few years down the road when it's paid off.
Can she simply do a quitclaim deed where shes adds me as jtros to avoid probate and to not trigger the due on sale clause?
I was hesitant to call the mortgage comp. about this as I do not want to stir the pot, they are still unaware of his death and payments have been being made on time, but when she passes, I don't want to find out its all gone and nothing I can do.
I did call them earlier this week pretending to be my father. I asked them about this and that I heard any transfer, adding or deleting anyone from a deed can trigger this, I told them my exwife will most likely want to add my son(me) to the deed upon my passing, they said not it "shouldn't be a problem" I could not get them to send me anything in writing about this.
So back to square one, worried if she adds me as jtros that I will lose the protection of the Garn-St. Germain Law and they call the loan and I cant come up with financing myself.
I do have a brother and two sister, none of which have interest in the home or it's equity. They have no problem allowing my mother to do whatever it takes to make sure I get the home upon her passing.
Neither my mom nor I could/can get financed on this mortgage so that's why we want to avoid the due on sale trigger.
Also worth noting, when my mom signed at the closing a few years back, she was told she isn't liable for the mortage but if he defaults, they have the right to foreclose, so I guess what she signed was just to allow him to get the loan on it because she was on the deed
Please advise, thanks!
My father passed earlier this year, my mom is JTROS on the nys deed. They were divorced years ago but they kept the deed the same as he wanted it to still pass to her upon his death.
My father had/has a mortgage on the house that I have been paying since his death, I now occupy the house. She lives at her own place.
My mom has not filed a quitclaim deed to change it to her as sole owner as it seemed unnecessary up until recently, she has found out she may be terminally ill; now she wants to leave the home to me when she passes and avoid probate.
We do not want to do something that will trigger the "due on sale" clause with the mortgage company, I want to keep making payments when she passes and own the home a few years down the road when it's paid off.
Can she simply do a quitclaim deed where shes adds me as jtros to avoid probate and to not trigger the due on sale clause?
I was hesitant to call the mortgage comp. about this as I do not want to stir the pot, they are still unaware of his death and payments have been being made on time, but when she passes, I don't want to find out its all gone and nothing I can do.
I did call them earlier this week pretending to be my father. I asked them about this and that I heard any transfer, adding or deleting anyone from a deed can trigger this, I told them my exwife will most likely want to add my son(me) to the deed upon my passing, they said not it "shouldn't be a problem" I could not get them to send me anything in writing about this.
So back to square one, worried if she adds me as jtros that I will lose the protection of the Garn-St. Germain Law and they call the loan and I cant come up with financing myself.
I do have a brother and two sister, none of which have interest in the home or it's equity. They have no problem allowing my mother to do whatever it takes to make sure I get the home upon her passing.
Neither my mom nor I could/can get financed on this mortgage so that's why we want to avoid the due on sale trigger.
Also worth noting, when my mom signed at the closing a few years back, she was told she isn't liable for the mortage but if he defaults, they have the right to foreclose, so I guess what she signed was just to allow him to get the loan on it because she was on the deed
Please advise, thanks!
Deed Change After Death, Implications, How to Handle Correctly
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