Q: My mother lives in Newport News VA. She wants to leave me her house that still has a mortgage. What is the best way
A:
Generally speaking, a house that has a mortgage on it can still be transferred upon the owner's death. Most people use a will or a trust to do this, but it does matter which type of trust is used. For example, if someone attempts to leave their house to another person and retitle it into the trust, the bank (mortgage holder) may decide to call the mortgage and demand immediate payment in full. But adding a house to a revocable living trust does not usually trigger this type of bank action.
In order to fully answer your question, an attorney would need the specific details of your case, which should be discussed in a confidential setting.
Please feel free to contact my office for more information.
James H. Wilson Jr. agrees with this answer
A: I agree with my esteemed colleague and would add, in addition to a will or a trust, a Transfer on Death Deed as another way to accomplish this. The house may also pass by intestate succession if you are her sole heir at law, and only a real estate affidavit may be required after death to give notice. Your mother should discuss all these options with a Virginia estate planning attorney.
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