I quit claimed her completely off the Deed of the home because my brother wanted to sell the house from under her and then put her in a home. I thought that was wrong because she is happy being with her grandchildren everyday. It is very therapuetic for her to be around family otherwise I noticed she was withdrawing from life and becoming depressed, before we moved in. She's slightly disabled and I take care of her and all her needs. My brother just got tired of her calling him all the time because she was so lonely wanting to talk ,so he threatened to sell the house and put her in a 'mental old age facility.' Now she is happy because she has a sence of family again.
My question is:
If she could not pay the house mrtgage anymore because bills are so high would they take the house from her even if my name was on the title deed?
I was thinking about doing a reverse mortgage for her but they said I would have to take my name off the title. ODD No? Is bankruptsy a better option?
2007-10-30 06:29:22 · 6 answers · asked by dr. perky (>^_^)><3 2 in Business & Finance ➔ Renting & Real Estate
My mom is older than 62 and does qualify for reverse mortgage. They told me they would have to take my name off the deed and it would cost me$900 somethng dollars, but I could put it back on the deed after 30 days with her. IDK all your answesare so great.
2007-10-30 08:36:53 · update #1
Reverse mortgages are not a scam, but in your case also not an option. The owner has to be at least 62 years old for a reverse mortgage. When the owner of a home with a reverse mortgage permanently leaves the property, the note becomes due. The person can pay off the mortgage or sell the house. The heirs have the same options. The interest is simple, not compound and you don't have to have 100% equity in the property either. This is my job.
Were you an owner of the house when the mortgage was acquired? If so, you probably signed a deed of trust or mortgage (depending on which they have in your state) acknowledging that the property was being used as collateral for a loan. Even though you are not responsible for the loan, the house is still the collateral.
If you can't make the payments on your combined incomes, you may be able to refinance at a lower rate, or even just a lower payment if the mortgage has been paid down a lot. If not, you may need to sell it and find somewhere you can afford.
Your brother cannot sell the house out from under her unless he can get her declared incompetent and be named her guardian. If you own the home too, it's very complicated for him to do all that. You should consult a lawyer if it comes to that.
2007-10-30 07:12:31 · answer #1 · answered by Debdeb 7 · 1⤊ 0⤋
I'm really surprised you were able to have the deed changed with a lien on the house. Did the attorney not do a title search? The property is the collateral for the loan and now her name isn't on the deed but if she doesn't pay, they will foreclose and take the home. It doesn't matter who's name is on the deed. You should speak to the attorney that did the quit claim and see how he was able to do that.
To do a Reverse Mortgage, the home has to be your principal residence. It is for your mom but now, according to the deed, doesn't belong to her so it would not be eligible for a RM. Last but not least, bankruptcy is not an option. You can not include a mortgage in a bankruptcy. The home would still be foreclosed if she defaults on the loan payments.
2007-10-30 06:41:47 · answer #2 · answered by rdd1952 3 · 1⤊ 0⤋
If there is a mortgage on the property, non payment will result in foreclosure, You can't get rid of liability of a mortgage by changing ownership.
Bankruptcy is not an option if she wants to keep the house.
Reverse mortgages are a scam against old people.
They are given money, to put a mortgage (home must be free and clear) on the house, charge coumpounding interest at a fairly high rate, and when your mother has to go into an old age home, there can be little equity left to pay for the old age home.
A reverse mortgage will ensure future dependency on all family members...That means you pay
2007-10-30 06:39:52 · answer #3 · answered by bob shark 7 · 1⤊ 1⤋
Reverse mortgage would mean that when she passes on or is ready to move on, the house would be taken by the lending back within 30 days. There's no way that she has a mortgage on the house and her name is nowhere within the paperwork. She needs the house to secure the mortgage. You should probably find a responsible adult to help you with this.
2007-10-30 06:38:24 · answer #4 · answered by Lex 7 · 1⤊ 1⤋
Probably both, but you need some professional help here. It is unusual for the house to be in your name and the mortgage to be in hers. Ordinarily the house has to be in the name of the person who holds title to the property.
2016-05-26 02:37:59 · answer #5 · answered by ute 3 · 0⤊ 0⤋
So sorry, I can not help you because, I am blind about the law. :(
2007-10-31 00:37:06 · answer #6 · answered by ds4ugust1na 3 · 0⤊ 0⤋