Q: My mother and grandmother are both on the financing of their home. My mother just died. My brother has been living
My mother and grandmother are both on the financing of their home. My mother just died. My brother has been living in the home and care for him. Do we automatically inherit her "share" of the home or is my grandmother now the only legal owner? She may be moving out of state and we need to get the home in my brother's name, but aren't sure how to do so. It' still under the mortgage.
A:
The financing is not as important as the deed to answer your first question. As to refinancing the home, you can try to do this, but someone with income sufficient to meet the underwriting standards will need to apply.
You should bring the deed, mortgage, and any similar documents (a Title Insurance policy? ) to a local real estate/probate lawyer to review so you can determine what the status of the ownership is, and how to proceed with what you want to do.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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