Q: I am co borrower on a heloc. My wife died and left the house to her daughter, who was also executor of the estate.
I am now the sole name on the loan, but I am not on the title. The executor /beneficiary refused to take out a loan to pay off the heloc balance, and has me paying the minimum payment plus $200 principle, plus taxes and home owners insurance as my lease. She did not give me life estate, even though I've lived here 27 years.
In 2005 she told her mother to change her will and leave the house to me. My wife never changed her will, so the house went to her daughter, and I am left as sole borrower on the heloc. I paid over $80,000 to my wife from 2005 - 2017 towards all the consecutive mortgages and helocs. The only one left open is the one I am paying on. I owe $25,000 on a house I am not on the deed. A title search shows me as co borrower on the previous and current loan. The bank says that they cannot add my name to the title. They say that I should go to the property appraiser office and see what they can do. Her daughter will not take out a loan to get this out of my name.
A: What good would it do you to get the property in your name? It appears that your step-daughter has no interest in refinancing as long as you are making the payments. You are in the same position as any rental tenant, you have the choice of continuing to pay what is in effect rent, or move; with the main difference being that you would possibly be liable for a deficiency in the event of a foreclosure.
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