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Will Of Life Estate

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    Will Of Life Estate

    Have Rare Situation, looking for some ideas.

    Last Mortgage payment was made in August 2009. I am still living in the home. State is Mississippi. Foreclosure has happened, sorta, advertised in paper for 3 weeks, date of sale came and went, home did not sell. My "interest" in the property was put into the description that was ran in the paper for three weeks.

    What makes this situation unique, and I have an attorney helping me with all this, is that I have a will of life estate in this property, which allows me to live here until I die, or abandon the property. That word is actually used, abandonment.

    All of this is new to me, but so far the attorney has been correct.

    He has told me that nobody will buy the place, but, he has also said that the bank could sell the property. He said it would be up to the buyer to do research and discover that they get me too as part of the deal. Someone that they cannot evict who also does not pay rent.

    I asked my attorney if I could rent the place out, he does not know.

    Anyone have any ideas, or know who I could ask(I don't mind paying for this info)?

    I sent the mortgage company a letter(certified mail, return receipt), telling them I do not intend to abandon this property, and that I may in the future decide to rent the place out. They did not reply.


    P.S. I am disabled too, they cannot come after my income.

    Don't put all your eggs in one basket. Consult with another 2 or three local attorneys on that subject. The bank may call the bluff and actually get the house returned to them and in the legal process have you evicted by the local sheriff.


      Going back to my paralegal study days, if I recall correctly a foreclosure cancels out the life estate. I suggest you pull out all documentation you have on this matter and get yourself a good estate law attorney.
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006

      "A credit card is a snake in your pocket"


        The life estate cannot be cancelled out by foreclosure. I am not an attorney, but I disagree with the reply above is all I am saying.

        Think of it this way. I have an interest in the property, that legal interest is worth xx amount of dollars, and it cannot be cancelled out by foreclosure, or even by selling the property. No matter what happens, I still have an interest in the property, my interest is worth xx amount of dollars.

        My interest can be satisfied with payment of xx,xxx amount of dollars, the exact amount would be up for debate of course, or a judge would have to decide what it would be.

        When I think about it, I am proably not doing it right, but here is my idea.

        I am mid 30's, expect to live another 30 years, so we will work with that nice round number.

        Say, 500$ per month for rent x 30 years = 180,000$. Well the house on a good day, may be worth 75,000$, the mortgage balance at the moment is around 50,000$ so getting 180,000$ out of that right now, is not happening.


        I would very much like to get an apartment in the city, that is my whole reason for wanting to rent it out.

        I think I can do this, without renting the place out, I would just need to keep the utilites on, grass mowed, and come stay here, I dunno, maybe once every couple of weeks, to make it clear I have not abandoned the place. This place would be my legal residence, most of my stuff would still be here in this home. I have asked, many, and nobody is clear on what abandonment means. They have all been in agreement though, if you are coming and going, lights on, mowing the grass, you are fine.

        I would much rather rent the place out, or at the very least, get a room mate, someone who would also watch over the place, let me know if something is broken, etc.
        The place is out in the country, it's very safe, I leave, and I don't even lock the doors, to give you an idea.

        I have had many people, usually about every 2 weeks, someone will stop by, come to the door, and ask me if the place is for rent. This is not really helping me, just making me wonder.

        I need to do more reading, and I am really enjoying this forum, I am learning a lot.

        The thing I wonder about, if I did rent it, is not so much the mortgage company, but the person I rented to.

        If they stopped paying me rent, I may not be able to evict them, since I am not really the property owner.


          Still here.

          I am now listed as owner on the deed after filing bk in 2013. There is no more will of life estate. They still are unable to foreclose. I stay in the property part time.

          I am ready to start renting the property.

          I have spoken with many attornies and have bewn told this. Seven years after the mortgage is up they will lose their ability to pursue further action on collecting the debt.


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