That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate.
If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
The life estate goes to the remainderman.
A life estate is a right in property. Rights in property don't go away. The name on the life estate is the person that retains the rights to the life estate.
Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.
The life estate expires when the life estate owner does and the mineral rights revert to the property owners in fee.
The remainderman has full vested rights in the property.
If they sign away the rights, the remainderman gets the property free of the life estate. Walking away without signing it over, depending on the document that created the life estate, may be all it takes, but consult a property attorney in your area.
The person with the life estate has the right to the use and possession of the property for the duration of their natural life. The person who was given the property in the will is the fee owner and will own the property free and clear after the death of the life tenant or when the life tenant releases the life estate in writing.
Unless the life estate was restricted to the dwelling only the life tenant has the right to the use of the real property for the duration of their natural life. A life estate is an interest in the real property upon which the dwelling sits. The property affected by the life estate is the premises described in the deed to the property.
Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.
If the homeowner with a life estate goes into an assisted living facility, the life estate continues to exist. The individual with the life estate retains the right to live in the property until their death, but may choose to temporarily or permanently vacate the property during their stay in assisted living.
they lose the house
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.