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.
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