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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">I have what I think is an interesting one. Husband and Wife each have a 50% separate property interest in a $400,000 residence subject to a $200,000 mortgage.
Both Husband and Wife are on the mortgage. Husband dies and wants to leave Wife a life estate in his half of the residence residence, remainder to his kids. What happens to the mortgage? Can Wife keep on paying? I can’t tell if Garn St. Germain will apply.
I also realize there’s a question about who should get what if Wife pays the mortgage, but that’s beyond what I am thinking about now. My concern is what will happen to the mortgage – i.e., Is Husband leaving Wife a life estate in his half even an option?
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Thanks for any thoughts on this one!
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Jacob Menashe<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Hickman Menashe, PS<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">4211 Alderwood Mall Blvd., Suite 202<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Lynnwood, WA 98036<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">(425) 744-5658 phone<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">(425) 744-6078 fax<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Satellite Office in Bellevue<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="www.hickmanmenashe.com"><span style="color:#1F497D">www.hickmanmenashe.com</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#1F497D">CONFIDENTIALITY:</span></b><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> The contents of this message and any attachment(s)
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