Legal Question in Real Estate Law in New York

I have 2 properties in the state of ny,both are mortgaged by my fatherinlaw,but deeded to me what does this mean?At both closing it was stipulated right of survovor ship what does this mean?if any of these properties were to go into foreclosure does the property fall back to me?


Asked on 12/21/09, 11:03 am

2 Answers from Attorneys

Locksley Wade Law Office of Locksley O. Wade

You are the owner of the property and your father-in-law is responsible for paying the mortgage. If he defaults, the mortgage company can foreclose on the property (take ownership and sell it). Rights of survivorship means that if you die then the title of the property passes on the other person named in the deed.

Read more
Answered on 12/26/09, 10:50 pm
Paula McGill Paula McGill Attorney at Law

If the property goes into forclosure and nothing is done to recover the property, you lose your rights to the property. However, you have no obligation to pay the mortgage because you aren't on the mortgage.

Once your father-in-law dies, you automatically become the owner of the property. You will take subject to the mortgage. Therefore, if there is a balance when your inlaw dies, you or his estate will have to pay it. To properly protect you, he should put in his will that any balance should be paid from his estate.

Also licensed and practicing in New York

Read more
Answered on 12/31/09, 2:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York