Posted on: 07th Jun, 2010 08:29 pm
If a mother signs a Warranty Deed Reserving Life Estate and gives her property to her 3 children, can she then borrow money on the property? and if she later writes a will giving the property to her son alone does that over ride the original document? If she borrowed money on the property after signing the original document can the mortgage company foreclose on the house after she dies if the children don't pay the loan or does the loan have to be paid from her estate?
Hi Guest!
Welcome to forums!
As the mother has life estate rights to the property, she will be able to stay in the property until death. But as far as I know, she won't be able to take out a mortgage on that property as she will not be considered as an owner. As the warranty deed comes into effect during your mother's lifetime, this deed will be given more importance compared to the will which will come into affect after your mother's death.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the mother has life estate rights to the property, she will be able to stay in the property until death. But as far as I know, she won't be able to take out a mortgage on that property as she will not be considered as an owner. As the warranty deed comes into effect during your mother's lifetime, this deed will be given more importance compared to the will which will come into affect after your mother's death.
Feel free to ask if you've further queries.
Sussane
HOW CAN YOU GET A WARRANTY DEED FIXED IF THE LAND DESCRIPTION IS WRONG AND IT HAS ALREADY BEEN FILED AT THE COURT HOUSE???IT WAS GIVEN TO ME BY MY FATHER AND MOTHER WITH THEM HOLDING A LIFE ESTATE IN 2000. SINCE MY FATHER HAS PASSED CAN MY MOTHER QUIT CLAIM IT TO ME IN ORDER TO CORRECT THE LAND DESCRIPTION??
Hi PINSONJERRY,
As far as I know, your mother will be able to transfer the property to you using a quitclaim deed. Then you need to contact a real estate attorney and he will assist you in correcting the land description.
Thanks
As far as I know, your mother will be able to transfer the property to you using a quitclaim deed. Then you need to contact a real estate attorney and he will assist you in correcting the land description.
Thanks