Posted on: 01st Dec, 2008 08:40 am
I currently have power of attorney over a non-relative who's health is failing. She is unable to perform business and has since I've been involved (July 31, 2008). I pay all of her bills and take care of hiring aids to attend to her. She has no will and has made no other provision for leaving her property to anyone. She own's the home, however, she took a loan out and owes approximately $25,000. What can I do to assume the home?
hi jesusismine!
welcome to forums!
the non-relative can sign a quitclaim deed or a warranty deed in your name in order to give you the property. as you have the power of attorney, you can contact a lawyer and also change the ownership yourself with the lawyer's advice.
as you have mentioned that there is a mortgage on the property, then you need to refinance the mortgage in your name once she quitclaims the property to you.
if you are buying the property from the non-relative then there is a chance that the lender will agree to assumption of loan. this is a process through which an existing mortgage can be transferred from the seller to the buyer. to know more about assumption of loan, check out the following link:
http://www.mortgagefit.com/assumption.html
feel free to ask if you have further queries.
sussane
welcome to forums!
the non-relative can sign a quitclaim deed or a warranty deed in your name in order to give you the property. as you have the power of attorney, you can contact a lawyer and also change the ownership yourself with the lawyer's advice.
as you have mentioned that there is a mortgage on the property, then you need to refinance the mortgage in your name once she quitclaims the property to you.
if you are buying the property from the non-relative then there is a chance that the lender will agree to assumption of loan. this is a process through which an existing mortgage can be transferred from the seller to the buyer. to know more about assumption of loan, check out the following link:
http://www.mortgagefit.com/assumption.html
feel free to ask if you have further queries.
sussane