Mortgage is in my dads and husbands names only and if my dad dies can my husband and I still keep the house? and do I have any rights to it, seeing as it is 1/2 my dads? My husband and I got married after they got the mortgage. Thank you in advance, Dawn
Whether you and your husband can keep the house depends on whose name(s) are on the deed. Your husband's name on the mortgage only creates an obligation for him to pay the mortgage; it gives him no rights to the property.
Without having all of the details I can only answer your question in general terms. If your husband's name is on the deed as a joint tenant with your father, then he will get the property automatically. If your husband and dad own the property as tenants in common or in some other way (like through an LLC), then your husband may need to purchase the remainder of the property from your dad's estate at some point if he wants to keep it, or he could end up as a co-owner with someone else.
You may have rights to the property if it is not held in joint tenancy, but that is impossible to say without knowing many more details.
You should get a copy of the deed and then proceed from there, which may include discussing some estate planning with your father and an attorney.
I assume this is a mortgage that your husband and dad were paying and not a mortgage where they were receiving income. The more important question is about the deed-if the deed was issued in father and son-joint with right of survivorship-the property would be owned outright by your husband and your husband could now put your name on the property if he so desired.
He could continue the mortgage payments and one day could get the mortgage satisfied.
The mortgage should be reviewed to avoid any due on sale problems(unlikely).
Attorney Joe Pippen
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
In addition to the other answers, I would simply add that it has been my experience that the lender often does not care much, as long as the payments continue to be made. This depends, of course, on the type of mortgage, as Attorney Pippen indicated. If this was a reverse mortgage, then it might need to be paid off immediately upon the death of your father.
Needless to say, upon your father's death, your husband should make sure his estate planning is updated, right away.
*** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state.
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