Q: I am being ask to sign a consent of heirs form in someone else loan/option to buy contract on a loan they are taking out
This person & I been living as husband & wife for 19 yrs. Together for 20 yrs. He inherited the building 10 yrs ago free & clear. He fail to follow through with marriage as promise with an engagement ring from the start 19 yrs ago. A breakup looms in the future. I am Medicare/Med-cal & I would need to use the HUD programs to help me achieve housing / home loan in near future. I know nothing about a consent of heirs form. How it could effect this? He has a 26 yr old son? I am concern that this form would tie me to the mortgage only ? He does not have a will or trust sat up. If he dies, property goes to probate.? But does the mortgage too? Or do I inherit the mortgage and have to file a claim with probate ? Then have to find a way to pay on his mortgage in order to keep from them coming after me. Can he write a will naming me the executor of it. Making it part of the loan with the mortgage so it cant be revoked /a new will put in its place during/ while loan active?
A: This is a very complicated issue which requires significantly more in depth analysis and review than can/should be provided in a free Q&A forum such as this. I would strongly advise you seek counsel from an estate attorney.
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