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I present this because my parents do not have a will and are getting old. I will be taking over the mortgage payments next month because they are both retired and we don't want to house to be foreclosed. Are there legal/tax implications with this? We would begin with joint ownership, then I think the final result would end in my brother and I owning the home (property transfer). Any help would be appreciated.

2007-01-29 07:55:14 · 5 answers · asked by peediddykim 1 in Business & Finance Renting & Real Estate

5 answers

I am a Mortgage Banker in California. I'm not attorney, but I can refer you to one.

With that being said, my clients usually do it in a few different ways:

1.Just add yourself and brother to title with a quitclaim deed. Hold title as a tenant in common so that when your parents pass on the house will be yours.

2. Buy the house from your parents and then add them to title afterward. This might make a lot of sense if they are in foreclosure because you could qualify for something much better than their default rate.You can actually structure this as a "gift of equity" where they treat the transaction like you just made a down payment.

3. Take over the payments and then refinance into your name and then add your parents after the escrow closes. You can even pull cash out this way to help pay for bills.

If you need help just email me with your name and phone number so we can talk...

2007-02-01 13:35:15 · answer #1 · answered by kevingeorgecampbell 2 · 0 0

Your best bet is to open a living trust, and place the house in it. This will give ownership to everyone on the trust, and avoid any probate when your parents pass. You will want to go to a lawyer to get this done. Just make sure to ask every question so you understand the process.

2007-01-29 08:06:57 · answer #2 · answered by Ron B 3 · 0 0

Whoa, this sounds like you could be treading a slippery slope. You could end up paying for a house that you don't legally own. Contact an estate attorney ASAP.

2007-01-29 08:04:07 · answer #3 · answered by LolaCorolla 7 · 0 0

Just get the deed changed to say that ownership converts over to you upon their death. That way, it belongs to them now and they get any tax breaks and when they die, you own it. It is very common around here.

2007-01-29 08:08:33 · answer #4 · answered by beach_man_45 2 · 0 0

i grew to become into curious wen i examine ur question so i did somewhat learn & its complicated inspite of the incontrovertible fact that evidently like probable no longer.there have been new assets regulations further in & people who cohabitate even for an prolonged time hav infrequently any rights.Ur brother desires to get a solicitor nevertheless to advise him the terrific thank you to circulate on extraordinarily for the reason that shes residing there(evidently like shes nonetheless residing in the residing house in question).He has an exceptionally sturdy risk of conserving the residing house .If he is going & sees a solicitor b4 he gets into any great discussions & the two of them circulate out hel be attentive to how terrific to circulate approximately issues in the splendid order to guard his sources.She could think of she has greater rights than she has,if he nicely-knownshows out for definate wot she is & isnt allowed 2 do he can do issues in a manner which will preserve him in the fuure.If theyre no longer chop up up it might stil b a competent theory to work out a solicitor & make issues better out to guard hiself as u have rights as a tenant & he desires to be attentive to the thank you to circulate approximately making her circulate out if the will arises.understanding in enhance makes issues lots much less annoying & prevents u from accidently breaking the regulation in this manner of difficulty.

2016-09-28 03:58:45 · answer #5 · answered by ? 4 · 0 0

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