Archives for February 2017

Mortgages and Death of a Homeowner

Foreclosure Action Dismissed: Statute of Limitations Expired

When you die your mortgage payments are still due and owing. If your lender does not receive the mortgage payments when you die it can move forward to bring a foreclosure lawsuit against your home. The best way to deal with mortgage payments in the event you die is to have an estate plan set up while you are living to deal with this issue. One way of covering the balance due on your mortgage would be to take out a life insurance policy in an amount sufficient to cover your mortgage. There are specific life insurance policies designed for this purpose.

In the event you are married, have a significant other or have a co-borrower upon your death the cosigner or co-borrower would be liable to make the mortgage payments. However if you are the breadwinner and have no life insurance your co-owner or co-borrower may not be in a position to continue to make the mortgage payments. If the co-owner or co-borrower is not in a position to make the mortgage payments the best route may be to sell the home if there is equity in the home. However, if there are children attending local schools, this may not be a practical solution.

Have a Will

Should you write a will, you can make arrangements in the will with regard to what happens to your home in the event of your death. The issue is not who makes the mortgage payments but who inherits the house upon your death. A will can be also tied into a life insurance trust set up to pay off the mortgage when you die. An estate plan can see to it that your home passes to your heirs in a manner that allows them to keep your home.

The best way to deal with death related issues related to your mortgage or otherwise would be to meet with an estate planning attorney and make a plan in the event of premature death or not so premature death.

Elliot-Schlissel

Elliot S. Schlissel, Esq. is an estate lawyer representing clients in drafting of wills, trusts and probating wills and trusts throughout the Metropolitan New York area for more than 3 decades!.

Judge Cancels Mortgage against Wife Which Was Fraudulently Obtained

Fraudulently-Obtained

Justice Carmen Velasquez sitting the Supreme Court part of Queens County was recently presented with an unusual case. A wife and husband had married in 1981. The home they lived in was purchased by the wife in 1987. In 1996 a divorce action was initiated. A divorce agreement was entered into in 1997. Pursuant to the terms of this agreement the wife received 100% ownership interest in the home that she purchased in 1987.

Fraudulent Mortgage

The wife claimed her husband and his father had fraudulently obtained a mortgage for $840,000.00 against her home. The wife claims she never signed any documents giving her husband and his father a mortgage on her home. The husband took the position that the signatures on the mortgage were the wife’s, she claimed they were forged.

Wife’s Lawsuit

The wife brought a case seeking the declaration that the husband be barred from all claims to the property, she be considered the lawful owner of the property and the fraudulentmortgage be cancelled and discharged.

Justice Velasquez found the wife’s testimony to be credible and reliable. She took into consideration there was no documentary evidence of a mortgage loan by the wife to the husband’s father. She also took into consideration the wife came from an affluent family and had no need to borrow money. In the end Judge Velasquez granted the wife’s demand for relief, cancelled, removed and discharged the mortgage from the wife’s property.

Elliot-Schlissel

Elliot S. Schlissel, Esq. is a foreclosure lawyer representing clients in obtaining and litigating foreclosure lawsuits throughout the Metropolitan New York area. Elliot S. Schlissel, Esq. and his associates have been defending homeowners in foreclosure proceedings for more than 45 years.

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