Posted on: 05th Aug, 2008 08:09 pm
The story is a bit long but I will give you the short version. My Grandfather bought a home for my mother before he died. He paid for it in full so the home was free of any debts, mortgages, etc.
This is in the state of Florida.
In 2003 my grandfather dies and leaves a bunch of credit card debts to my grandmother.
My grandmother and one of her sons decide that my grandmother should ask my mother to put my mother's debt free home on her name so that she can take out a $100,000 and pay off my grandfather's credit card bills!!! My grandmother tells my mother not to say anything to me or my brother (we would have never allowed this) She promises that she will pay the loan off and that the remaining balance on the mortgage will be paid off with her life insurance the day she dies and that the house would be put on my mother's name again. So my mother signed away our home for $10 dollars.
In 2005 I find out and there is nothing I could do since it was all said and done.
Fast forward to 2008 and my grandmother is sorry to inform us that she has lost all her money in the stock market and cannot continue to make the payments on the mortgage of the home we live in, nor can she continue to pay for the life insurance, so now the children must pay it monthly between all 5 of them, otherwise the policy will expire and noone will get a penny...(therefor the mortgage on this home won't be paid either)
I have been paying all the expenses on this home. Taxes, insurance, hoa, etc, for quite a few years. My husband and I are both still in school, and have many loans of our own (husband is in law school)
They now want me to take over the mortgage payments on a loan I had no say in! money I did NOT spend!! and put the house on my name, but what is the safest way of doing this? I don't have much of a choice since this is the house we live in with my daughter and we take care of my mom also. I cannot let the bank take the house :(
I do not want anyone else to have absolutely any rights on this house. when the time comes and my grandmother's estate is being mauled by her money hungry children I do not want them to have anything to do with my home.
Please advise what is the safest way to do this.
Thank you for reading! :cry:
This is in the state of Florida.
In 2003 my grandfather dies and leaves a bunch of credit card debts to my grandmother.
My grandmother and one of her sons decide that my grandmother should ask my mother to put my mother's debt free home on her name so that she can take out a $100,000 and pay off my grandfather's credit card bills!!! My grandmother tells my mother not to say anything to me or my brother (we would have never allowed this) She promises that she will pay the loan off and that the remaining balance on the mortgage will be paid off with her life insurance the day she dies and that the house would be put on my mother's name again. So my mother signed away our home for $10 dollars.
In 2005 I find out and there is nothing I could do since it was all said and done.
Fast forward to 2008 and my grandmother is sorry to inform us that she has lost all her money in the stock market and cannot continue to make the payments on the mortgage of the home we live in, nor can she continue to pay for the life insurance, so now the children must pay it monthly between all 5 of them, otherwise the policy will expire and noone will get a penny...(therefor the mortgage on this home won't be paid either)
I have been paying all the expenses on this home. Taxes, insurance, hoa, etc, for quite a few years. My husband and I are both still in school, and have many loans of our own (husband is in law school)
They now want me to take over the mortgage payments on a loan I had no say in! money I did NOT spend!! and put the house on my name, but what is the safest way of doing this? I don't have much of a choice since this is the house we live in with my daughter and we take care of my mom also. I cannot let the bank take the house :(
I do not want anyone else to have absolutely any rights on this house. when the time comes and my grandmother's estate is being mauled by her money hungry children I do not want them to have anything to do with my home.
Please advise what is the safest way to do this.
Thank you for reading! :cry:
Welcome guest,
I suppose the house is in your grandmother's name. I know it may sound a bit difficult but that's the only way I feel you can get rid of this problem. Since the grandmother's name is on the house, why don't you ask her to take a reverse mortgage against it.
Using the reverse mortgage proceeds, you all can pay off the current loan then and there. Now as far as monthly payments on the reverse mortgage are concerned, your grandmother need not pay anything. It's left for the heirs to pay after she dies otherwise the lender may take away the property, sell it off and then get back his money from the proceeds. And if there's any appreciation in home value, that will go to the heirs.
I know you don't want anyone else to have any rights on the house, but may be you can get some relief with this option because you too have debts to manage and paying off others loans with a mortgage isn't that easier.
Take a look at how reverse mortgage work from http://www.mortgagefit.com/reverse.html
I suppose the house is in your grandmother's name. I know it may sound a bit difficult but that's the only way I feel you can get rid of this problem. Since the grandmother's name is on the house, why don't you ask her to take a reverse mortgage against it.
Using the reverse mortgage proceeds, you all can pay off the current loan then and there. Now as far as monthly payments on the reverse mortgage are concerned, your grandmother need not pay anything. It's left for the heirs to pay after she dies otherwise the lender may take away the property, sell it off and then get back his money from the proceeds. And if there's any appreciation in home value, that will go to the heirs.
I know you don't want anyone else to have any rights on the house, but may be you can get some relief with this option because you too have debts to manage and paying off others loans with a mortgage isn't that easier.
Take a look at how reverse mortgage work from http://www.mortgagefit.com/reverse.html
Thank you Adonis.
The problem with doing this is that the other heirs are not people I trust.
Is there another safe way of dealing with this? If I apply to refinance the loan and get the house solely on my name, what is the course to take to make sure they do not have any rights on the house whatsoever? and yes, I do not even know if I would be approved to refinance it since my income to debt ratio might be too high due to the student loans, but I just don't know what else to do.
Thanks again,
The problem with doing this is that the other heirs are not people I trust.
Is there another safe way of dealing with this? If I apply to refinance the loan and get the house solely on my name, what is the course to take to make sure they do not have any rights on the house whatsoever? and yes, I do not even know if I would be approved to refinance it since my income to debt ratio might be too high due to the student loans, but I just don't know what else to do.
Thanks again,
Niicss,
We will have to cut many things out in order to meet the mortgage payments. This is until my husband graduates from law school and hopefully gets a job soon. I know we cannot bank on that with the way the economy is, but I will not let the mortgage payments slide. My concern is with a bank approving me for a loan.
Also, if she quitclaims does that ensure me 100% that no one else besides the bank has any interest or part in the house?
Thanks
We will have to cut many things out in order to meet the mortgage payments. This is until my husband graduates from law school and hopefully gets a job soon. I know we cannot bank on that with the way the economy is, but I will not let the mortgage payments slide. My concern is with a bank approving me for a loan.
Also, if she quitclaims does that ensure me 100% that no one else besides the bank has any interest or part in the house?
Thanks
Hello Guest.
As your grandmother is the sole owner of the property, if she quitclaims to you then you will be the sole owner of the property. But for that you will have to refinance the mortgage on your name. So talk with the mortgage company first and check out whether you can get approved for taking the mortgage on your name. However is your grand mother willing to quitclaim the property to you?
As your grandmother is the sole owner of the property, if she quitclaims to you then you will be the sole owner of the property. But for that you will have to refinance the mortgage on your name. So talk with the mortgage company first and check out whether you can get approved for taking the mortgage on your name. However is your grand mother willing to quitclaim the property to you?
Niicss,
Yes, she has no problem signing it over to me since I take good care of my mom and she lives with us.
Yes, she has no problem signing it over to me since I take good care of my mom and she lives with us.
Hi Guest. Welcome back.
So are you going to refinance the mortgage on your name? How much do you earn? Do you have good credit?
So are you going to refinance the mortgage on your name? How much do you earn? Do you have good credit?