Posted on: 14th Jun, 2010 11:04 am
my MIL is basically bankrupt - we paid 25,000 of her credit card debt, found out she owed 14,000 more .... my husband has paid her 500$ a month the last 2 years and this will go on indefinitely so she can live in her house which carries a 46,000 mortgage - she has no assets, has a car payment has no life insurance - lives on S. Sec. she will not file bankruptcy - she is almost 80 - we have put in over 37,000 $ to date - now she and my husband are looking at adding his name to her deed ... 1. Is it a conflict of interest to use her own attorney to do this? - 2. they say her name has to be kept on the deed? - 3. my husband will then take out a new loan assuming he qualifies to pay the mortgage as the house has an ARM which will be due next year - so he can eventually sell it down the road - what is the best way to do this so that we do not lose the amount of money already paid out and any future monies paid to her - the will states my husband and his sister get equal shares of her estate but as she has paid nothing into it - my husband should be able to recoup some or all of his money back - this is causing lots of hate and discontent and I would like to know how we can do a win-win for all?
Hi etcallhome!
Welcome to forums!
Any real estate attorney can help your husband to add his name to the property deed. It is not mandatory to keep your mother-in-law's name on the deed. However, if her name is on the deed, she would be considered as one of the owners of the property.
As your husband has paid for the property, your mother-in-law can transfer that to your husband who can refinance it and pay off the dues. If your mother-in-law has any other assets that can be passed over to the daughter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Any real estate attorney can help your husband to add his name to the property deed. It is not mandatory to keep your mother-in-law's name on the deed. However, if her name is on the deed, she would be considered as one of the owners of the property.
As your husband has paid for the property, your mother-in-law can transfer that to your husband who can refinance it and pay off the dues. If your mother-in-law has any other assets that can be passed over to the daughter.
Feel free to ask if you've further queries.
Sussane