Mar 23, 2017 · On the issue of the mortgage: if, upon your father’s death, you wanted to sell the home, you could do that and you’d pay off the mortgage at the time of the sale. If the interest rate on your dad’s loan is high or you can get a better deal now, you could refinance the loan with a lender of your choice and that new loan would be in your name.
Sep 09, 2012 · My father was in the hospital several weeks ago and my sister was given power of attorney. He has just passed. He owned his mobile home. I just found out she filed paperwork to have her name added to the title/ownership. He also owns a truck with no payments. He had a life insurance policy. She is not involving me on anything.
Nov 18, 2008 · As the Father in law cosigned, he is personally obligated on that debt, and the only way to get him released from that debt is by agreement of the lender. He can get his name off the title by deeding it to the other co-owner (with her aagreement) but that does not get him off the mortgage or off the hook for the personal liability.
Answer: "Can be done" and "should be done" are two very different things here. Yes, if we're talking about real estate, your father can simply sign a deed transferring the property to you. (This assumes that your father owns the property himself, outright, which you'll want to make sure of.) However, such a transfer may not be financially wise.
You can transfer a mortgage to someone else as long as the loan is assumable. The new borrowers will be treated as if they were initiating a new loan for themselves. If your mortgage is not assumable, you still have options even if your lender says no.
You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner's name from the property deed and the mortgage.
You could either sell the home to pay off the mortgage and keep any remaining money as your inheritance, or you could keep the home. If you keep the home, you'll need to either continue making payments on the loan or use other assets to pay the mortgage off.Sep 17, 2021
You can remove a name from your mortgage without refinancing by informing your lender that you are taking over the mortgage, and you want a loan assumption. Under a loan assumption, you take full responsibility for the mortgage and remove the other person from the note.Jul 23, 2020
There are a number of ways of getting out of a joint mortgage:Ask your partner to buy you out.Sell the property and split the proceeds (if any)Ask your partner if they would agree to taking over the joint mortgage.If your partner agrees, you can sell your share to a third party.More items...•Nov 9, 2021
Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage. Usually after divorce or separation, one party applies for a transfer of equity to have the other removed from the title deeds, simultaneously enabling the lender to remove them from the mortgage.Dec 19, 2019
You can transfer a mortgage to another person if the terms of your mortgage say that it is “assumable.” If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they'll still typically need to qualify for the loan with your lender.
A beneficiary should not expect to receive their inheritance until after probate has been completed. Beneficiaries, on average, will start receiving their inheritance 6-9 months after the deceased passed away.Dec 1, 2021
Using part of your inheritance to pay down your mortgage can move you closer to that finish line and save you thousands of dollars in interest. Save for Your Kids' College Fund — There are plenty of ways to cash flow college without using your inheritance.Sep 27, 2021
Being a cosigner on a home loan, or any loan, is a status that carries with it no rights at all. While you'll share liability for the cosigned mortgage with the borrower, you most likely won't get an ownership interest in the property.
If the conditions are met, the lender will remove the cosigner from the loan. The lender may require two years of on-time payments, for example. If that's the case, after the 24th consecutive month of payments, there'd be an opportunity to get the cosigner off the loan.
Once your father passed away, the power of attorney has no power. If he left no will you and your sister are his heir and would divide anything left in his estate between the two of you. However, if she made those transfers while he was alive with a valid power of attorney, those items might already be hers.
If your sister does not open an estate you can petition to do so. The power of attorney expired when your father passed, so your sister has no more authority than you have. Try to meet with her and discuss matters calmly you may be able to file an expedited estate matter because of the limited assets.
A durable power of attorney is effective during the lifetime of the principle, or person who made the power of attorney. The authority of the power of attorney ends at the death of the incapacitated principle. An executor named in the will or appointed by the probate court is the person who takes care of the deceased property, and they receive that authority from the probate court. Therefore, your sister is exceeding her authority, and I would advise getting an attorney to start the probate process and fight for your rights as an heir.
A power of attorney is of no force or effect after death of the principal. If your father had only the two children and was not married at the time of his death, then you each are entitled to half.
If your mother is not alive, the children would share equally in your dad's estate. You can file a complaint with the court concerning the title revision. The life insurance would transfer per the beneficiary designation.
If your sister uses it after death to transfer property on your father's behalf she is committing fraud. However, if she added her name to the title during your father's lifetime, there may be little you can do unless you can prove that was not your father's intent.
The estate of a person who dies intestate (without a will) is subject to the laws of the state in which he or she resided at the time of death. Your sister's power of attorney ended at the moment of your father's death. Check with an attorney in your state about how to get an executor or personal representative assigned to your father's estate to pay the bills, distribute the assets, and close the estate.
As the Father in law cosigned, he is personally obligated on that debt, and the only way to get him released from that debt is by agreement of the lender. He can get his name off the title by deeding it to the other co-owner (with her aagreement) but that does not get him off the mortgage or off the hook for the personal liability.
As the Father in law cosigned, he is personally obligated on that debt, and the only way to get him released from that debt is by agreement of the lender. He can get his name off the title by deeding it to the other co-owner (with her aagreement) but that does not get him off the mortgage or off the hook for the personal liability.
However, if your father leaves the property to you when he dies, your basis is the property's value at your father's death.
The reason is something called the tax basis of the property -- that is, the value from which taxable profit is figured when property is sold. When property is quitclaimed to you, your tax basis is the amount your father paid for it. If you later sell the property, you'd have to pay tax on all the profit that exceeds his purchase price ...
"Can be done" and "should be done" are two very different things here. Yes, if we're talking about real estate, your father can simply sign a deed transferring the property to you. (This assumes that your father owns the property himself, outright, which you'll want to make sure of.) However, such a transfer may not be financially wise.
The recommendations of both my distinguished colleagues are correct. Your facts are backwards. In addition, most mortgages are NOT assumable. First you have to go through Probate and your siblings will be just as much entitled to a share of the property as you are, since there is no will.
You have things backwards. No one will put mortgage in your name UNTIL you have title to it. You continuously ask questions here, but for some reason do not move forward with legal counsel like you need to. I wish you luck.
Husband coerced me to take care of mom in my home for years, promising to share his large inheritance. He now says it's "all his". Opinions?
I'm afraid my sister is trying to steal all of my mom’s money by being on joint accounts with her. What can I do to protect my mom?
If the father will not sign a consent to the adoption, you can have the court terminate his parental rights if he has not paid support or communicated with the children for 6 months or longer. Report Abuse. Report Abuse. Please explain why you are flagging this content:
If your husband seeks to adopt, the birth father will be given notice and an opportunity to consent or to oppose. You should contact an attorney in the county in which you reside who specializes in adoptions to obtain additional information about that process.
In order to terminate the rights of a parent you must prove to the Court that the parent has failed to support and maintain the child and it is in the best interest of the child to be adopted. Report Abuse. Report Abuse.
Possibly. According to Social Services Law 384-b (5) (a), a child is deemed "abandoned" by his parent if during the 6 month period prior to the filing of the petition "such parent evinces an intent to forego his or her parental rights and obligations as manifested by his or her failure to visit the child and communicate with the child. Some courts have held that a single evidence of parental interest such as a letter or phone call from a parent during the relevant six month period would preclude a judicial finding of abandonment. So, a court could find that the contact during a 6 month period prior to filing a petition precludes a finding of abandonment. On the other hand, termination of parental rights on the grounds of abandonment has been found even when there has been an occasional communication with the child during the six months immediately prior to the filing of the petition. In order to prevail in an abandonment termination, it must be shown that the parent failed to visit or communicate with the child "although able to do so." The fact that your contact information has remained the same strongly supports this.
If the biological father consents to the adoption, this can be a smooth process. If the biological father objects however, this will be a contested adoption, and things can get much stickier.
You can proceed with a step parent adoption and the court will certainly take into account the lack of contact with the children. You should discuss all of facts of your situation with a family law attorney to determine how best to proceed.
There is a possibility to have a biological parents rights regarding their child or children extinguished. This can be done voluntarily in a case such as you outline where another party is willing to adopt a child or children, and it is also possible in certain circumstances where the biological parent has effectively abandoned the children and, therefore after a court hearing, his or her rights.
Where the deceased or the executor fails to pay the monthly mortgage payments or maintenance charges (in co-ops) and a foreclosure action is filed, the parties may still have a chance to save the property from selling at a public auction. With foreclosure sales, the bank or the co-op board sets a reserve, a.k.a the minimum the price, the home can be sold for. The entity’s only concern is that their balance is guaranteed. They could care less if the sale results in any gain for the beneficiaries. Many times, the public sale procures just enough money to cover the mortgage balance and leaves nothing for the heirs.
Most heirs are inclined to agree to a buy out since they can save money on seller transfer taxes, real estate broker fees, and other expenses associated with selling a home. The other alternative is to have an agreement with the other heirs to not sell the property.
The fiduciary begins the process by liquidating the decedent’s stocks and bonds, emptying out bank accounts, selling any tangible items of value, and most importantly, selling real estate owned by the decedent during his or her life . All cash realized from the liquidation is deposited into an estate bank account.
However, where the executor must follow the wishes of the decedent set out in the will, the administrator must simply distribute estate assets to the heirs, which commonly involves turning non-liquid assets to cash. The fiduciary begins the process by liquidating the decedent’s stocks and bonds, emptying out bank accounts, ...
Powers of the Administrator (in cases of no will) When someone dies without a will in New York, an administrator, rather than an executor, must be appointed. The roles and duties of both are very similar in that the fiduciary’s task is to manage and distribute the estate assets to the rightful heirs or beneficiaries.
The petition for approval to sell estate property must include the contract price, the terms of the sale, and a copy of the contract. The beneficiaries can then object if something is amiss. Some proper objections can be that the price is too low, all beneficiaries agree to keep the home, the the contract includes unfavorable or prejudicial terms, ...
Jack died without a will. He is survived by five children. To prevent the sale of his childhood home, Alex, offers to buy out his siblings by giving them $100,000 each. The four siblings all agree and ownership of the home is transferred to Alex.