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 dairygirl251
Joined: 03 Nov 2009
Posts: 1
1.00 Dollars($)
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 Posted: Tue Nov 03, 2009 6:01 pm Post subject: Life Estate Interest |
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| If we have property and all of my brothers and sisters name is on the deeds and I wanted to put a mobile home on the property and the company that is going to give me the mobile home ask for my sisters and brother to sign a life estate interest form giving me permission for the company to put the mobile home on the property and everyone signed but one of my brother, would that stop the company from giving me the mobile home, could you please tell me what this means |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Tue Nov 03, 2009 7:09 pm Post subject: |
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The Lender is saying you can't get the loan from them for a Manufactured Home on that property, unless everyone who owns the property allows it and agrees on the terms. A Life Estate sounds reasonable to me - and everyone that's currently on Title has to agree to it. Your Brother is keeping it from happening - so you need to to have a heart-to-heart talk with him.
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Raymond
www.ReverseMortgageCalculator.org |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Tue Nov 03, 2009 8:17 pm Post subject: |
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Hi dairygirl!
Welcome to forums!
As the property is owned by all the siblings, then you will have to take the permission from all of them to put up a mobile home on that property. If one of your brothers do not agree to it, then it would be difficult for you to put up a mobile home on the property. You may try to buy out your brother by offering him a certain sum of money so that he transfers his share of the property to you.
Feel free to ask if you've further queries.
Sussane |
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