Posted on: 09th Mar, 2007 12:53 pm
my father used his VA loan to purchase the home i am in, used his credit. my mom and my name is on the house also, my dad has since passed away. I put $50,000.00 down towards the purchase of the house. i make the payment each month up keep taxs etc. i want my mom to "gift" it to me so she has no control over me or the house..help what would you suggest. my mom and i are on the outs.. im not sure what she might do at this point. thanks
Dana you can ask your mother to quit claim her portion of ownership to you. After the deed is made out you will get complete control of the house.
"my father used his VA loan to purchase the home i am in, used his credit. my mom and my name is on the house also, my dad has since passed away."
I do not know about your situation but unless mortgage life insurance is purchased, the responsibility of making the payments passes to the spouse. You need to talk with the loan provider about the loan when your mother agrees to transfer the house to you.
Paczosa
I do not know about your situation but unless mortgage life insurance is purchased, the responsibility of making the payments passes to the spouse. You need to talk with the loan provider about the loan when your mother agrees to transfer the house to you.
Paczosa
Mom in ICU-coma, loan set-up 3 years ago. Son is only relative that lives with mother. She would not allow anyone access to any paperwork. When she passes, would loan be passed to son? Not aware of power of attorney.
Guest,
The lender can allow the loan to be passed on to the son provided he has the required credit history and financial ability to carry on with the payments. Or else, if the loan has a cosigner, then after the death of the mother, the lender may ask the cosigner to take over the loan payments.
The lender can allow the loan to be passed on to the son provided he has the required credit history and financial ability to carry on with the payments. Or else, if the loan has a cosigner, then after the death of the mother, the lender may ask the cosigner to take over the loan payments.
Guest, you say that you aren't aware of power of attorney. It is a legal document using which one can exercise legal rights on behalf of another person.
The person getting the Power of attorney can make legal, property and financial decisions.
The person getting the Power of attorney can make legal, property and financial decisions.