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My grandmother left her property in a life estate to my

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grandfather for his life time...
My grandmother left her property in a life estate to my grandfather for his life time then to her son & daughter (my mother) for their lifetimes, then to grandchildren. My mother's will gives the property to my brother...also can property in a life estate be mortaged, if so who pays after my mother'sdeath. State is ARkansas
Submitted: 2 years ago.Category: Estate Law
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2/25/2016
Estate Lawyer: Loren, Attorney replied 2 years ago
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 37,869
Experience: 30 years experience in the practice of estate law.
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Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

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Estate Lawyer: Loren, Attorney replied 2 years ago

Do I understand correctly that your mother has only a life estate?

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Estate Lawyer: Loren, Attorney replied 2 years ago

Then your mother's interest terminates upon her death and she can not designate who gets the property after she dies.

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Estate Lawyer: Loren, Attorney replied 2 years ago

Under the grant from your grandmother the grandchildren have a remainder interest.

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Customer reply replied 2 years ago
10 months before she died she and my brother put a 3/4 million mortage on the property Who pays??
Estate Lawyer: Loren, Attorney replied 2 years ago

If your grandmother mortgaged the fee simple interest then it is a presumably valid lien which the bank can foreclose if it goes into default. The grandchildren with the remainder interest have the most to lose, but all estates, life and remainder, would be wiped out by a foreclosure.

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Customer reply replied 2 years ago
It was my mother that mortgaged the property. Grandmother left free and clear in 1956. Mother died Sept 2015.
Estate Lawyer: Loren, Attorney replied 2 years ago

If only your mother's interest was mortgaged then upon her death the loan became unsecured and all the lender can do is go against her estate. If you brother mortgaged his remainder interest, as well then the bank can foreclose on his interest.

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Estate Lawyer: Loren, Attorney replied 2 years ago

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Estate Lawyer: Loren, Attorney replied 2 years ago

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