ownership

[Litigation!]

this writer has no clue******************************************

My response:

Let me amend that response. "This writer is an idiot."

The legal advice is right in front of him/her/it and this person is too stupid to see it. And, because he/she/it is too stupid, this person doesn't think anyone has responded properly with the answer.

Well, you can't fight City Hall, and you can't fight stupidity.


IAAL

 

[Ph128]

Honest, if I was GIVEN a house in a will, even with deferred ability to use it, AND sufficient cash to cover the mortgage,why wouldn't I and my co-owner want to assume payment responsibilty, depending upon the equity involve, in order to secure my continued interest?

A free house is a free house, especially if making the payments with free money. Seems the intent of the deceased was for the party with the life estate to be able to continue to live there, but NOT enjoy benefits of ownership. IMHO.

Yes!
No one here would want to have their interest in this house taken away.
But who is legally responsible, not only for just the mortgage, but all expenses on the house?
I would think that would be spelled out in the law books somewhere.
With this being a legal advice forum, I was assuming someone knowledgeable here may have some expertise on such matters.
Perhaps no one here has any knowledge about life estates, huh?

 

[seniorjudge]

Yes!
No one here would want to have their interest in this house taken away.
But who is legally responsible, not only for just the mortgage, but all expenses on the house?
I would think that would be spelled out in the law books somewhere.
With this being a legal advice forum, I was assuming someone knowledgeable here may have some expertise on such matters.
Perhaps no one here has any knowledge about life estates, huh?

Q: With this being a legal advice forum, I was assuming someone knowledgeable here may have some expertise on such matters. Perhaps no one here has any knowledge about life estates, huh?

A: Your questions have been answered correctly, accurately, and extensively. Go back through this thread and read all the responses.



Q: But who is legally responsible, not only for just the mortgage, but all expenses on the house?

A: The owners and the people who signed the mortgage.




Q: I would think that would be spelled out in the law books somewhere.

A: It is; see answer above.



Q: And also what happens to who's ownership interest if the mortgage is called or not payed by whoever is responsible for paying it.

A: If there is a foreclosure, then the party who buys it on the courthouse steps will be the 100% owner.

 

[Litigation!]

Yes!
No one here would want to have their interest in this house taken away.
But who is legally responsible, not only for just the mortgage, but all expenses on the house?
I would think that would be spelled out in the law books somewhere.
With this being a legal advice forum, I was assuming someone knowledgeable here may have some expertise on such matters.
Perhaps no one here has any knowledge about life estates, huh?

My response:

Let me amend that response. "This writer is an idiot."

The legal advice is right in front of him/her/it and this person is too stupid to see it. And, because he/she/it is too stupid, this person doesn't think anyone has responded properly with the answer.

Well, you can't fight City Hall, and you can't fight stupidity.


IAAL

 

[rmet4nzkx]

FA Crystal Ball, What do you see?

Crystal Ball: I see that daddy died leaving his two children from a previous marriage the house and allowing for their stepmom or his SO to have life estate and his children are trying to optimize their inheiritance.

 

[Ph128]

My response:

Let me amend that response. "This writer is an idiot."

The legal advice is right in front of him/her/it and this person is too stupid to see it. And, because he/she/it is too stupid, this person doesn't think anyone has responded properly with the answer.

Well, you can't fight City Hall, and you can't fight stupidity.


IAAL

Well you are certainly intitled to your opinion!
That's what's great about living in america!
I suppose though I'll have to wait for someone who is more knowledgeable about situations as this.
Thanks anyway!

 

[HomeGuru]

Yes!
No one here would want to have their interest in this house taken away.
But who is legally responsible, not only for just the mortgage, but all expenses on the house?
I would think that would be spelled out in the law books somewhere.
With this being a legal advice forum, I was assuming someone knowledgeable here may have some expertise on such matters.
Perhaps no one here has any knowledge about life estates, huh?

**A: oh brother.

 

[Just Blue]

Well you are certainly intitled to your opinion!
That's what's great about living in america!
I suppose though I'll have to wait for someone who is more knowledgeable about situations as this.
Thanks anyway!

Sir...You need to read all the posts here...Your question has been answered.

 

[lwpat]

With a life estate the person who has the life estate is responsible for the upkeep, property taxes, etc. They may also be able to force a sale with the proceeds being placed in a bank account and they would receive the interest.

The responsibility for the mortgage is with the person who signed the mortgage. If it is the deceased, then his estate is responsible. If there is not enough money in the estate, the remaindermen are responsible.

It gets a little more complicated if the one with the life estate is also on the mortgage.

 

[Ph128]

With a life estate the person who has the life estate is responsible for the upkeep, property taxes, etc. They may also be able to force a sale with the proceeds being placed in a bank account and they would receive the interest.

The responsibility for the mortgage is with the person who signed the mortgage. If it is the deceased, then his estate is responsible. If there is not enough money in the estate, the remaindermen are responsible.

It gets a little more complicated if the one with the life estate is also on the mortgage.

Finally some usefull information!
Thank you very much!

 

[Litigation!]

Finally some usefull information!
Thank you very much!

My response:

With a life estate the person who has the life estate is responsible for the upkeep, property taxes, etc. They may also be able to force a sale with the proceeds being placed in a bank account and they would receive the interest.

Oh, I knew that's what you wanted to read. See how smart I am?

It's wrong, but that's what you wanted to read.

The responsibility for the mortgage is with the person who signed the mortgage. If it is the deceased, then his estate is responsible. If there is not enough money in the estate, the remaindermen are responsible.

Gee, didn't I already say that?


IAAL

 

[Ph128]

My response:



Oh, I knew that's what you wanted to read. See how smart I am?

It's wrong, but that's what you wanted to read.




Gee, didn't I already say that?


IAAL

So what's wrong about it?

 

[Litigation!]

So what's wrong about it?

My response:

Go screw yourself!

I'm waiting for you to lose the home. You don't deserve it. You're too stupid to read and understand.


IAAL

 

[FarmerJ]

Look at it this way, If you want to make sure the house is not lost to foreclosure then PLAN your income and any inherited moneys together well enough to cover the monthly payments and bills related to the homes repairs. If the co owner fails to pay what they need to then plan on eventually suing them in court to either get the money back or for partition of the property based on what you have had to pay out. NOW as far as the person with the life estate goes them being able to live there wont be totally free, they should have to pay utilitys to be there . Your best bet is if you & co owner can sit down and agree in writting about it all and a atty can help you with that too. Keep your agreements with the co owner in writting and treat the life estate person as if they were a rental tenant with one exception wich is that they wont be paying rent. the life estate person should not commit waste of the property nor can they make any changes to the unit like remodeling or repairs.. ANY way go see a atty NOT the estates atty but one who can give you the best info on how to protect this asset based on the co owner failing to pay.

 

[Ph128]

Look at it this way, If you want to make sure the house is not lost to foreclosure then PLAN your income and any inherited moneys together well enough to cover the monthly payments and bills related to the homes repairs. If the co owner fails to pay what they need to then plan on eventually suing them in court to either get the money back or for partition of the property based on what you have had to pay out. NOW as far as the person with the life estate goes them being able to live there wont be totally free, they should have to pay utilitys to be there . Your best bet is if you & co owner can sit down and agree in writting about it all and a atty can help you with that too. Keep your agreements with the co owner in writting and treat the life estate person as if they were a rental tenant with one exception wich is that they wont be paying rent. the life estate person should not commit waste of the property nor can they make any changes to the unit like remodeling or repairs.. ANY way go see a atty NOT the estates atty but one who can give you the best info on how to protect this asset based on the co owner failing to pay.

That's some more useful information!
I'm not sure if this ball and chain is worth it.
If it is lost, it isn't really, as the life tenant could outlive me.
Thank you.
It's amazing how others who have responded has lacked the maturity to be able to speak without resorting to name calling!
I would shudder to think they may call themselves professionals.