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Joyce
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Post subject: Lady Bird Deed |
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Does New York State acknowledge a Lady Bird Deed ? If yes, please advise on the question below...
Since we own a home in bott Florida and New York, could one (1) Lady Bird Deed be drawn up for both homes.
Thanks for your advice |
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troubled in NC
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Post subject: Can the owner of a life estate mortgage property? |
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| My brother inherited a life estate to our parent's home in 1998. He has since mortgaged the property through a local bank. He is, at this time, living in another state, and has not made the mortgage payments in quite awhile, and the bank is threatening foreclosure. We were told that my brother should not have been able to mortgage the property at all without consent of the other 3 siblings, who inherit the life estate if something happens to him. Please help. The hearing is just a few days away. |
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Mrs. B
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Post subject: pros and cons of quit claim transfer to non heir |
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| My sister quit claimed her 25% portion of heir property to my daughter, her neice, what entitlement does the neice have and are there and financial penalties to my sister |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Post subject: |
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Hi troubled,
Since your brother got the mortgage against the property, the lender does have the right to foreclose on the property if he defaults on the loan. If his other 3 siblings inherited the property along with him, I'm not sure how he obtained the mortgage without informing them. However, at this point in time, it's important to stop the foreclosure. The other 3 siblings can refinance the loan in their name and pay off the existing mortgage. This will help them save the home from the imminent foreclosure. They should also consult an attorney and check if the mortgage was obtained fraudulently. In case, your brother did it illegally, the siblings will have a legal recourse to stop the foreclosure.
Hi Mrs. B,
Since your sister transferred her share of the property to your daughter i.e. her niece, the niece now have an ownership right to the property. She is one of the legal owners of the property and is responsible for a portion of the property related taxes. If your sister gifted the property to her niece, she may have to pay the gift tax. However, there are certain gift tax exemptions available, which she can take advantage of. |
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Charleylu
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Post subject: Ladybird deed |
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| Is a ladybird deed the same as a transfer on death deed? Are either of these deeds available in Maryland? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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| I don't think that the ladybird deed is similar to that of the transfer on death deed. As far as I know, ladybird deed and transfer on death deeds are not accepted in Maryland. |
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SJOHNSON
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Post subject: LIEN ON HEIR PROPERTY |
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| IN 2006 HEIR PROPERTY WAS TRNSFERRED OVER TO ME THROUGH PROBATE COUT LATER TO FIND OUT THAT ONE OF THE SIBILINGS HAD A DEBT IN EXCESS OF $10,000 AND NOW I'M UNABLE TO USE THIS PROPERTY "FOR THE TRIPLEWIDE THAT I WAS APPOVED FOR" UNTIL THIS IS PAID .PLEASE ADVISE ON WHAT I CAN DO THANK YOU |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Post subject: |
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Hi SJOHNSON,
Since the debt was incurred by one of your siblings, you are not personally responsible for the debt. However, being the owner of the property, you need to remove the lien that is placed on the property for the debt. You will not be able to use the property until the lien is removed. Thus, I do not see any option of using the property without paying off the debt lien in full. However, you can check with a local attorney and see if there are any possible options for you in this situation. |
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Russ
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Post subject: L.B.Deed |
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| Is the L.B. deed legal in Mass. |
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Russ
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Post subject: L.B.Deed |
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| Is the L.B. deed legal in Mass. |
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