Q: Both parents passed this year leaving motgage & equity loan, the property has my name per "ladybird deed." what now
A: There are no "Lady Bird" or life estate deeds recognized in North Carolina. Is the land in North Carolina or somewhere else? If this is a true life estate deed then the land passes to you as the remainderman. I assume that you would inherit subject to the mortgage and loan, however, you would have to talk to a probate or real estate lawyer in the state where the land is located.
If the land is in North Carolina, there are no such thing as life estate deeds as I have indicated. Land thus passes either by an outright conveyance or by will/trust. The property could not have been conveyed to you even as a remainderman keeping a life estate in your parents if it is mortgaged unless you all agreed. If you inherited the land by will or intestacy, then you take it subject to the mortgage and other loans. If the land is worth less than what is owed, then you might consider letting it go in foreclosure unless you want to keep it and can afford to keep paying for it.
Justia Legal Answers is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Legal Answers is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Legal Answers without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.