What happens to mine and my husband’s house when my father dies, if I’m on the note with my father?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What happens to mine and my husband’s house when my father dies, if I’m on the note with my father?
In order for my husband and I to purchase a home (he has a job but horrible credit and I have no job but excellent credit), my father and I are the ones who had to be on the loan. When my father passes away, what will happen to my home even though my husband’s income is what pays the note?
Asked on January 14, 2013 under Estate Planning, Louisiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You are doing a bit of estate planning and that is really a good thing. But you should really speak with a qualified planner in your area on the matter to be sure about things. First, how is the deed to the property held? Just you and your Father? Do you have "rights of survivorship" on the deed? You should as it will then pass automatically to you at the time of his death rather than through probate. And if you have siblings that could be an issue with out a Will. Now, if the property passes to you via inheritance the bank can not call in the loan as it could if you sold the property. It is an exception to the "due on sale/transfer" clause that comes standard in every loan. Your husband should be on the deed as well. That is fine. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.