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If I grant my parents a life estate via a warranty deed, wha

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Joanne Melton Guest	Posted: Tue May 04, 2010 12:49 pm    Post subject: Question about warranty deed with life estate Like 0 Dislike 0 My mother gave me a warranty deed with life estate on her house in 1997. My father died in 1989. She just turned 82, and now is in a nursing home for Alzheimer's, and approved by Medicaid. She is still mobile, but has very bad short-term memory loss. I live approx 3 hours away. There is a home equity loan on this house of $60,000-current appraisal value is $125,000. I am now having to pay the equity loan payment and utilities on the house, as well as yard update, etc. Can I legally sell the house, so this financial burden can be eased, or do I need to keep paying until my Mother passes away? They have determined she needs to stay in the nursing home for safety reasons, and needs the inter-social activities they provide there. Thank you.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Wed May 05, 2010 1:47 am    Post subject: Like 0 Dislike 0 Your query has been replied to in the given page: http://www.mortgagefit.com/propertytransfer/life-estate-warrantydeed.h tml Take a look at it. Hope it helps you.
Diane10545 Guest	Posted: Wed May 19, 2010 8:29 am    Post subject: Is the life estate legal Like 0 Dislike 0 My father took a $100,000.00 line of credit on his house. He then listed in the will that his wife can stay in the house but is responsible for paying the credit line and a tenant can stay as long as she pays taxes, insurance and other expenses. Is this a life estate that is legal and binding since he owed money on the house when he wrote this in his will? My brothers and I are to inherit the house once we sign the final papers and do not want to have to pay this mortgage. Dad's wife is paying interest only as this is all that is due at this time and said she will NOT pay on the principle or any other upkeep of the house. So far the bank has not said anything about having the loan changed even though the person who owes the dept is deceased.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed May 19, 2010 10:19 pm    Post subject: Like 0 Dislike 0 Hi Diane, The will is a legal document. If the will mentions that the wife will be able to stay in the property, then it has a legal binding. After her death, you and your brother will become the sole owners of the property. You can even refinance the loan in your name and start payments on the principle amount. _________________ Procrastination is the enemy of your financial success
Tiffany Guest	Posted: Sun Jul 11, 2010 9:36 pm    Post subject: Life Estate Like 0 Dislike 0 if my husband and his ex-wife quick deeded some land to their son but gave life estate to my husband can the son make us move off of the land and can we make him stay off the property?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Jul 12, 2010 12:05 am    Post subject: Like 0 Dislike 0 Hi Tiffany, As your husband has life estate rights over the said property, the son will not be able to ask your husband to move out of the property. Your husband will be able to stay in the property until death. However, you won't be able to ask the son to stay off the property even as he is the owner of the property. _________________ Procrastination is the enemy of your financial success
doris Guest	Posted: Thu Aug 26, 2010 4:42 pm    Post subject: life estate rights Like 0 Dislike 0 I have a warranty deed to some acreage. My brother has a life estate in property. I want to let my sister leave a trailor on this property for family members to visit. What are my rights. State of Alabama.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Aug 26, 2010 11:08 pm    Post subject: Like 0 Dislike 0 Hi doris, As your name is on the warranty deed, you will be considered as one of the owners of the property. You can sign a quit claim deed and add your sister to the property and then she can place the trailer on that property. _________________ Procrastination is the enemy of your financial success
Sandy B. Guest	Posted: Mon Mar 21, 2011 12:06 pm    Post subject: Deed on House with three owners - now two Like 0 Dislike 0 Ex-husband left house deed in three names (two sons and 2nd wife's name) with declaration that (1) if 2nd wife moves out and reestablishes residence elsewhere or (2) remarries, then house ownership goes to two sons only. Second wife left, established residence in Va, then moved back to NC with friends. One son signed his ownership in house over to other son. Her name has not been removed from the deed although she did move out. Does she still have any legal rights to the property?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 21, 2011 10:39 pm    Post subject: Like 0 Dislike 0 Hi Sandy! Welcome to forums! If the second wife's name is on the property deed, then she can claim ownership rights. You will have to ask the second wife to sign a quitclaim deed and transfer the property to you. Feel free to ask if you've further queries. Sussane

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