Mortagages on two homes

[amberwave]

What is the name of your state?California

I am going to have surgery soon I went to a atty. to do a simple will and to have my daughter put on the deeds to my homes that I carry the mortages on ..she lives in one and me the other..the atty. told me to find the grant deeds and fax them to her..and she would add my daughter..to both..( my daughter does have a intrest in one for over 52k) any way my cousin said ...I think the loan company can call in the loans if you do that...so I called the atty. ofc. and they said she would call me Fri ..but I didnt hear from her....probally in court etc. ...I have no other assets..no money etc. ...just the two homes in my name only...I know I will still be the one who has to pay the loan's off ..as my name only is on there...I just dont want to have her go thru probate ...if something should happen she is in school ...etc. I told her sell one pay off the other loan ...if we can do this ...and should we go joint tentents?

 

[MortgageGuru]

All you have to do is have your daughter quit claimed onto the property. I have never seen a note called due for that reason.

 

[amberwave]

The reason we are worried about them calling the note..is ..her name was not on the deeds when I bought them ...she is a student...she has no job now...would they try to make her qualify to be able to put her name on the deeds..the para legal in the atty. ofc. said there is a California law that says they cant call a loan in when it goes to a child ( unless I pass away of course then they would )...I just want to make sure..thats all I need is for the "whoops" after I make it thru this surgery..and have two morgages due...cause I added my daughters name to the deeds...I need to have my ducks in a row on this one please...

 

[rainmand]

In California, your Estate will go through Probate with or without a Will. The only way to avoid Probate is with a Living Trust. Design the Living Trust in a manner that transfers the two houses to your daughter when you pass and your problem is solved.

 

[amberwave]

But ...what about the morgages still owed on them ..and I dont have the $600. to do the trust now...I did do a will simple one....for what I dont know ..I HAVE NO MONEY ..I have two homes with morgages on them...my ? is ....with her name add to the deeds Aand not cause the morgate compay to crap and ...can we avoid probate..and can the darn loan people call in the loans...I paid the atty. two hundred...on my credit card...to do a simple will and get her on the deeds...my daughter has no money to pay a atty. to probate this ...she is in school ..all she can do is sell one home to pay off the other..they are both half paid for ...over 100k equity in both homes together...one would pay the other off..I am looking at cancer surgery in less than 2 weeks...