Mortgage title
My wife and I jointly own a condo with 4 years left on mortgage. She passed away last year. Should I notify the mortgage company or would that open a can of worms?
Thanks
Terry Says
You should start by creating your own new “estate plan” — a revocable living trust. You’ll have to name someone you trust to be your “successor trustee” in case of death or incapacity.
Once that is done, you should notify the lender or mortgage servicer that you want to change the title into the name of the RLT. YOu’ll need a copy of her death certificate to do that. It will not change your mortgage rate or incur any taxes.
Be sure to work with a competent estate planning attorney to get this accomplished asap.
