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House Calls: About the Hedge

Edith Lank on

Answer: Your equity loan already is a lien. It's pretty much a second mortgage. You've already put up your home as security for that loan. It could be foreclosed, just as a first mortgage would be, so it's better to make those payments if you can.

No Deed

Dear Edith: My father and I owned a house as joint tenants with right of survivorship. He died a few months ago and didn't leave a will. It's my understanding I will inherit his share of the house, but I don't have the deed. How do I prove the house should become mine? Do I have to see a lawyer? -- L. R. M.

Answer: When someone dies, it's always wise to check with a lawyer, even if it's just to find out that nothing needs doing.

But if that deed says you are joint tenants, you automatically became the full owner when your father died.

If you want a copy of the deed, it's a simple matter to order one from your county's public records office. Get in touch with the clerk's office.

Leftover Escrow

Ms. Lank: Every year, the mortgage bank notifies me that I have a small balance left in my escrow account. What happens to that balance? Why doesn't the bank send it to me? -- T.

Answer: Yes, that's your own money. The lender likes to know that your property taxes are kept up to date and your homeowners insurance premiums are paid promptly. It collects extra funds along with your monthly mortgage payments and holds the money in your escrow account. As the bills come due, it pays them for you.

Whatever is left in that escrow account remains there to be put toward next year's bills.

When your mortgage is eventually paid off, you'll take over making your own tax and insurance payments. The bank will no longer need that escrow account, and whatever money remains in there will be returned to you.

Still Liable

Dear Edith: When my son divorced recently, he signed over the house to his ex-wife. He is buying another house, and the mortgage company says he's still responsible for the mortgage on the first house. This seems wrong. Could you explain? -- S.

Answer: The lender doesn't care who owns the house. Your son once signed a document agreeing to be personally responsible for that loan, and he still is.

The same situation applies to people who agree to co-sign for someone else's loan. Only the lender can release them from the promise to be responsible for the debt -- the whole debt, by the way.

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Contact Edith Lank at www.askedith.com, at edithlank@aol.com or at 240 Hemingway Drive, Rochester NY 14620.

Copyright 2017 Creators Syndicate Inc.
 

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