Posted on: 21st Apr, 2008 08:40 pm
my mother divorced my dad 18yrs ago and had to buy him out of the house. My mom needed someone to help her get a loan to pay off my dad. My sister and mom then took out a mortage to pay him off. My mom has made all the payments on the mortage including taxes and insurance. My mom still has a mortage but now wants my sister off the deed and would like to put her home into a trust with her name only. This will generate a new loan for my mom but she is willing to do so.
hi emilie,
welcome to forums.
you mean your sister isn't willing to take her name off? the new loan must be a refinance isn't it? your sister must have her own reasons of not leaving the home. so, the only way out here as i see, is to buy her out or convince her to leave the property without any money transfer in between your mom and sister.
thanks
welcome to forums.
you mean your sister isn't willing to take her name off? the new loan must be a refinance isn't it? your sister must have her own reasons of not leaving the home. so, the only way out here as i see, is to buy her out or convince her to leave the property without any money transfer in between your mom and sister.
thanks
It's not possible to create a living trust when one of the owners aren't ready to quit. May be your mom can make her one of the trust beneficiaries who'll receive some part of the property-interest after her death. Perhaps then she will agree and sign on the papers to take her name off the deed.