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Life Estate

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splashart_works Joined: 16 Feb 2011 Posts: 1 1.00 Dollars($)	Posted: Wed Feb 16, 2011 10:19 pm    Post subject: Life Estate Like 0 Dislike 0 My home of 20 + years is facing a short sale soon. I have tried everything I can do to keep my home with the lender but to no avail since I can't meet the required monthly payments. I am 70 and in ill health and have been stressed to the max over this for 4 years. If I do a short sale of my home with a life estate in place can they (lender) force me to move anyway? Or can they stop the sale because it's not a HAFTA? Am I required to move off the property? Thank you!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Feb 17, 2011 2:19 am    Post subject: Like 0 Dislike 0 Hi splashart_works! Welcome to forums! When the property is sold off, you'll have to give away your life estate rights. Once you give away your life estate rights and the property is sold off, you'll have to move out of the house. Feel free to ask if you've further queries. Sussane
splashart_works! Guest	Posted: Thu Feb 17, 2011 2:40 am    Post subject: life estate Like 0 Dislike 0 Thank you Sussane. I should have clarified my question. I want to put a life estate in place now in order to stay on the property even after the property is sold because I can't afford to live any where else on my limited income. My realtor suggested we sell the property with a life estate set up first(NOW) in order for me to stay in my own home, because the lender wants to me to do a short sale soon. Providing the lender agrees to me putting a'life estate' contingency on the short sale they are wanting me to do. So, if the buyer wants my property with the life estate in place and I can stay on until my death. My question was taking this all into account-can the lender squash my attempt at attaching a life estate stimpulation to the selling of my property even if the lender gets their money? Can the lender force me out anyway? I'm not concerned with a HAFTA short sale if I can just stay on my property until I die. I hope I am making myself clear! I don't have a life estate yet-but will soon so all I want even though the lender gets their money and I end up selling my place, is to be able to stay on my own place until I die.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Feb 17, 2011 11:26 pm    Post subject: Like 0 Dislike 0 Welcome splashart_works, The lender won't allow you to place a life estate clause if he wants to short sale the property. Moreover, the new buyers won't be ready to purchase the property if there is a life estate clause mentioned in the property deed. _________________ Procrastination is the enemy of your financial success

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