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 elanderson98
Joined: 29 Aug 2008
Posts: 1
1.38 Dollars($)
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 Posted: Fri Aug 29, 2008 10:14 pm Post subject: If I grant my parents a life estate via a warranty deed, wha |
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| I am buying my parent's house, with a mortgage on that house. I would like to grant my parents a life estate interest in this property via a warranty deed, but I don't know what my interest then is in the property as the "grantor." Can my parents, if they decide to move, dissolve their life estate interest and give it back? Can I get a second mortgage on the equity of that property? |
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Niicss
Joined: 03 Oct 2005
Posts: 1245
Location: New Jersey
186.06 Dollars($)
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| Posted: Sat Aug 30, 2008 2:34 am Post subject: |
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Welcome elanderson.
If a life estate has been used then your parents will remain the owner of the property as long as they lives.
| Quote: | | dissolve their life estate interest and give it back? |
Yes you parents can transfer the property back to you or even they have the rights to transfer the property to any other persons.
_________________
Good is the Enemy of Great. |
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sara
Joined: 05 Jul 2006
Posts: 1189
Location: New Brunswick, New Jersey
220.67 Dollars($)
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| Posted: Sat Aug 30, 2008 3:25 am Post subject: RE: life estate, warranty deed and second loan |
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Hi Elanderson,
Welcome to the forums.
I guess you need not buy the house just for the sake of getting the ownership rights. If your parents wish to retain a life estate on the property, they can do so simply by signing on a Life Estate deed. Such a deed would allow them to retain their ownership interest throughout their lifetime. After your parents pass away, property will pass on to you without any probate procedure.
As far as paying the mortgage is concerned, you can help your parents with the monthly installments. But do ask the lender whether he has any objection to the transfer with a life estate deed.
Take care |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1482
Location: florida
250.35 Dollars($)
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| Posted: Sat Aug 30, 2008 4:02 am Post subject: RE: life estate issues |
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Hi Elanderson,
Your parents have the right to move out or dissolve their life interest but they'll have to take the consent of the beneficiaries. And, as much as I understand, I don't think you can take out a second mortgage on your name until and unless you inherit property.
Good luck
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Jerryb45
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0.10 Dollars($)
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| Posted: Mon Sep 08, 2008 8:16 am Post subject: Can I sell home |
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| Daughter owned property, she gave me 1.50 acres of land, by virtue of Warranty Deed of Life Estate, which I put a home on. She went bankrupt on her land, it went back to the bank (this bank carries both mortgages, her home and land, my land and home) Can I legally sell my 1.50 acres and home? |
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Rosetta
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0.10 Dollars($)
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| Posted: Thu Sep 11, 2008 11:29 am Post subject: |
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| I feel you can sell off your land and home because the mortgage offered against the land and home is not included in the bankruptcy. It doesn't matter if the same bank holds your mortgage as well as the daughter's loan. What's important is whether or not the mortgage is included in the bankruptcy. |
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