Posted on: 05th Feb, 2008 06:51 pm
My dad past away five years ago and My mom is 87 years old and now it looks like she will have to be put in a nurseing home. Her mind is still sharp, but her budy is ware out. There are three children and we were told that if we put her in a nursing home they will take her property away from us. A friend of mind told me to do a quitclaim deed and they can't touch the property. Is this true. My mom still owes $40.000 on the mortgage. The property is worth between $300.000 to $500.000 and my mom wants us children to have this. Me and my brother and sister don't know what to do to keep this property. This is vary hard on all of us, and we want to make the right choice.
Please help use.
Confused in INDIANA
Please help use.
Confused in INDIANA
Removing her from title doesn't get rid of the note......she can "sell" you the house and you can use a gift of equity from her...then there isn't a note or debt and she is off the title......it would be better than a quit claim
Your mom can quitclaim any or all of you on the title and you will own it but untill the mortgage is satisfied the bank has the right to foreclose on it.
If you mother wants you to have equal shares or to own it together then she can put you 3 on the title and you can repay her mortgage or one of you can refi the morthgage in his/her name and pay it of together.
Or you guys can sell it and split the $$.
Why whould anyone take the property from your mother in the first place?
If you mother wants you to have equal shares or to own it together then she can put you 3 on the title and you can repay her mortgage or one of you can refi the morthgage in his/her name and pay it of together.
Or you guys can sell it and split the $$.
Why whould anyone take the property from your mother in the first place?
In certain states......if medicare or medicaid is used to for long term care and there are assets then the state will take those assets to offset the cost...CA is one state like that.
Cedric
Cedric
