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My parents have 2 mortgages on their condo. My mother does…

My parents have 2...

My parents have 2 mortgages on their condo. My mother does not remember signing for the 2nd mortgage loan. My father passed away several years ago so now everything falls on my mother. When she passes, will the 2nd mortgage company have a claim to the condo if we stop making payments?

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

Nothing has been done. I don't know what needs to be done?

Lawyer's Assistant: Where is the condo located?

Reisterstown, MD

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What I want to do while my mother is still living is to have her add my name to the deed. I don't want to ruin my credit if all this goes south and we end up having to give up the condo to the banks. I can afford to keep paying the first mortgage but the 2nd mortgage would end up with us owing more than the condo is worth; making this endeavor senseless.

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Ok

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Answered in 41 minutes by:
3/25/2018
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,407
Experience: Experienced real estate lawyer and real estate broker.
Verified

Yes, the second mortgage company has also filed a lien against the condo, so when your mother passes they will still have the lien on the condo which will have to be paid when the condo is sold. Please make sure that your mother or father actually signed for the second mortgage, since they don't remember it. You can ask the lender for a copy of the documents and see if the signature is real. Usually the signature is notarized too, which will tell you if either your mother or father went to have the signature notarized, that will tell you if they really took the loan or not also.

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Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,407
Experience: Experienced real estate lawyer and real estate broker.
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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