I am on the warranty deed of my mother's condo but not on the mortgage note. When my mother dies am I responsible for the mortgage?

Is she out of compliance with the RM agreement? Like has she moved out of the house or something else (like she hasn't paid insurance or taxes)? Is there a reason why this is an issue right now? Is the loan being called?

Lots of older issued RM are now negative equity, like your mom's house is. The 2 big players in RM were Bank of American and Wells Fargo and they both got out of the RM game because the huge negative equity losses. You are not personally responsible for anything on the RM or any of your mom's debt, so this should not affect your credit rating. Unless you cosigned. Which hopefully you did not do?

More than 50% negative equity. Wow, there is probably no rebounding at that big of a %. If it were me, I'd put the keys with a tag of the address and mortgage account # into an envelope and Fed Ex them to the mortgage holder (so you have proof of doing this) and just walk away from it. Don't spend another cent on the house. If you mom is elderly and just on Social Security, there is nothing a debtor can attach for $ either. Could get ugly but really what can they do.....nothing.

You mention being her legal heir. So are you the one named to be executor as per her will after she dies? If that's the case, then as executor, you have to go to probate to deal with her estate. If the house still is an issue when that happens, then the house and it's debt are a part of her estate. If there are other assets in her estate (savings account, securities, etc), then you will have to liquidate those to pay off her debts in their order of importance as per the death or probate laws in her state. Funeral expenses usually come first then medical then mortgage. You really need a probate attorney to work with you on doing all this. Probate even when it's simple is pretty specific (rather than complicated) but requires notifications and filings to be done in a set timeframe and a good probate attorney is just worth it. Good luck and keep a sense of humor.

my mother passed away and her mortgage was in her name to get homestead tax credit we have to put it in our name since we were on the deed ,what happens to mortgage it was not in our name?

Joyce, the mortgage company will want to be paid for their loan. Is there any way that the family could re-finance to pay off the note, and start fresh with a new mortgage?   Call the mortgage company and ask if the family can keep paying the loan.   Some companies will allow that, but others might have a clause saying payable upon death.

If you can't re-finance or keep pay the original loan, then try to sell the house as quickly as possible.   Do not do any repairs as there are enough Buyers out there who want houses to flip.   Get an appraisal from a licensed Appraisal to get an idea of how much the house is worth.   Call a Realtor, and make sure the house is being sold "as is".

Now since your names were already on the Deed when your Mom passed, you might need to pay capital gains taxes when you sell, if the value of the house has gone up a lot since when your Mom first bought the house.  That's the down size of putting the adult children's names on the Deed while a parent is still alive.

Otherwise, if you had inherited the house via a Will, then the cost bases of the house would be the day your received the house, not back when Mom had bought the house.

I know this becomes a crazy maze, and can get complex.  And some elders think if they leave the house to an adult child that the mortgage goes away upon death.   As we all know, that isn't how it works. 

can I just leave it the way it is in her name with bank keep paying the note and forget homestead tax for now

In what way are you "on" the warranty deed? As an owner or as the beneficiary in the event of her death, or what? Are you a co-owner of the condo? That's the stuff you need to be clear on. Then you can ask these questions of the bank that issued the mortgage. It's always safe to ask questions. Then you can still go to an independent source and get a second opinion if you don't like the answers they give....

If your name is not on the mortgage you can't be forced to pay. It will probably end up in forclosure if the loan is upside down and you don't want or can't make payments.

To be more clear..if you didn't sign the mortgage note you are not responsible. Any forclosure would not affect your credit rating.

Since you are not a legal party to the mortgage, it is possible that the mortgage company would not accept at payment from you.

I live in new jersey my mom died and has tw0 mortgages. Am I responsible for them. I am not sure she had a will.

my mother died 2006. The mortgage company knows she is deceased. I was behind in three payments but now have the back payment. Can they foreclose?