Modification

A

Anna toufexis

Guest
Hi there
My mom is now a life tennant but she holds the Morgage
We want to do a modification will they make her change the title of the house back to her name or can we do a modification as is?
 

Jzone

LoanSafe Member
Jun 20, 2017
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Hi there
My mom is now a life tennant but she holds the Morgage
We want to do a modification will they make her change the title of the house back to her name or can we do a modification as is?
I would ask a real estate lawyer on this one. But, I'm assuming that you are the trustee of her estate? And there is still a mortgage on the property?

Whose name is the mortgage in? You wouldn't be able to do a modification if your name is not on the current mortgage.
 

isisis

LoanSafe Member
Jun 22, 2010
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North bay
I'm unfamiliar with the process involved in becoming a life tenant but guessing it has the same legal effect as a quit claim. If that's the case your mom's approval to the modification agreement - or yours acting as her agent with power of attorney - would be required despite being off title. What the bank cares about is not what's recorded in the county but who signed the mortgage, in other words who's responsible for repaying the debt. I know this from experience as my ex quit claimed back in the Middle Ages and yet his signature would be required to modify. There are some workarounds to that but probably unnecessary in your case.