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

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 [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] on the equity of that property?

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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:4fcd02f4b5]dissolve their life estate interest and give it back?[/quote:4fcd02f4b5]
Yes you parents can transfer the property back to you or even they have the rights to transfer the property to any other persons.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my fiance and his parents had been paying on their house together, all three names on the deed, it was supposed to be the last one surviving got the house. My fiances mom one day says she can sell the house and is going to. My fiance found out that at any time any of them could sell the house so he decided he wanted to buy the house himself and give them lifetime rights to guarantee them that they could live there the rest of their lives. He also paid off their bills for them. He gave them lifetime rights to the upstairs portion of the home (as he was living downstairs at the time ) to keep them from thinking they had the right to go downstairs. He also gave them use of two outside buildings and no use of his garage he built a couple years ago, nor of the barn, not knowing that he then had no right to go upstairs in his own home. His mom left his dad almost 2yrs ago. She tried to come back around Christmas time. My fiance was upstairs and she told him to get out of her house. he said it was his house so she called the cops on him. They came and asked her why she came back for, when neither her husband nor son wants her there. Anyway the dad gave my fiance written permission to go upstairs, on the deed the parents are supposed to pay fire insurance, taxes, part of utilities and the mom hasn't paid anything. My fiance just got a paper in the mail from her yesterday saying basiclly shes coming back and there's nothing he can do about it and if he tries she's gonna take him to court, he's not to go upstairs, he has no use of the yard, cannot make her fix things that need to be fixed upstairs,etc. We're talking about HIS house that he is struggling each month to pay for. what a mess!!!!! So think long and hard before you give your parents lifetime rights, make sure you know exactly what it means. there are so many loop holes. My fiance is suffering and is under great stress due to this decision. He was trying to do the right thing by his parents plus secure his future (in his mom not being able to sell the house) and look where it got him. Lots of grief and heartache from his own mother. Let this be a lesson.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi brownie!

Welcome to forums!

Thanks for sharing your experience with the community. It's really heartbreaking to know that your fiance's mother did that with her own son.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

would like to know if I file [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankruptcy[/url] would this affect my Mom in any way since she says she still owns the property though she gave me a warranty deed with reservation of life estate. I don't understand if she own the land how that could affect me filing chapter 7 bankruptcy. I would appreciate any feed back.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Brenda,

You are the primary owner of the property and can file Chapter 7 bankruptcy. However, your mother has the life estate rights to that property which means that she has the right to stay in that property until death. In my opinion, if the mortgage is not in your mother's name, then your filing bankruptcy will not effect her.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My grandmother has a life estate deed to a house which my sister and I own. She now resides in a nursing home and has no current plans to move home (she is 91). My uncle is her power of attorney and insists that he has the right (as long as my grandmother is alive) to rent her property to someone else. Can he do that? We are concerned about renting and liability issues etc.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Yvonne!

Welcome to forums!

As far as I know, your grandmother can stay in the property until death. But, in my opinion, she or your uncle will not be able to rent out that portion of the property to someone else without your permission. However, to be on the safer side, consult an attorney and take his opinion.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I will follow up with an attorney. Thank you!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother gave me a life estate deed to an acre of land so I could put a mobile home on it. Five years later, the moble home was repossed. I still have two storage units on the property containing my personal things. Since I do not live on the property at this time, she says I abandoned the property and she has the right to take the land back. What are my legal rights?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi marilyn!

Welcome to forums!

As far as I can understand, as your mother has given you life estate rights to the property, you will be able to stay in that property until death. However, you won't be considered as the owner of the property. Upon your death, the property would solely belong to the person who is mentioned as the grantee on the property deed. If you want to give away the life estate rights, then you need to sign a deed in that regard. You need to contact a real estate attorney and take his opinion in this regard.

Happy Thanksgiving Day :)

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] 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.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/life-estate-warrantydeed.html

Take a look at it. Hope it helps you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name and start payments on the principle amount.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] and add your sister to the property and then she can place the trailer on that property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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