Posted on: 28th Jul, 2009 02:37 pm
If my mother has life estate and I am on the deed and going bankrupt, can she sell to just anyone?...My mother put her home and 40 acres in life estate signing it over to me a few years ago. I hold a home equity mortgage on it in the amount of $49,000. With the economy I have lost over 2/3rds of my income and am considering bankruptcy - not wanting to, but I am so far behind in other bills I don't see any other way out. I have kept up with the mortgage. My question is can she sell a portion or all of the land/house to just anyone without my permission if my name is on the deed? Or do I have first rights to it as #1- my name on the deed #2 her only child. She is upset at the fact I have fallen behind in other bills. This is not obviously something I planned on! She is also starting to forget major things and I am concerned for her welfare at times. So I guess this is a two part question - what would be my next step in her health care - legally. The best case senerio is us selling 30 acres and her being able to be in her home with the 10 acres around her. Is this an option? Selling the 30 would give her money enough to have in home care if needed and would pay my debt so as not to worry about her loosing all of it. What steps do I need to take?
Hi darlanew,
Your mother cannot sell off the property without your permission. She only has the rights to life estate but you are the actual owner of the property. In order to sell off the property, your permission and signatures would be required.
You've mentioned that you have a mortgage on the property. In such a situation, you won't be able to sell off a certain portion of it. The lender will not allow you to sell off the property. If you do so without informing the lender, he/she may penalize you and call the loan due immediately.
Thanks
Your mother cannot sell off the property without your permission. She only has the rights to life estate but you are the actual owner of the property. In order to sell off the property, your permission and signatures would be required.
You've mentioned that you have a mortgage on the property. In such a situation, you won't be able to sell off a certain portion of it. The lender will not allow you to sell off the property. If you do so without informing the lender, he/she may penalize you and call the loan due immediately.
Thanks