Pleaaaase Help!
Hello,
Just found this site...Wonderful Info.
Here's the deal. My Aunt's home was sold via. Sheriff's Auction...I have til March 4th to redeem property. Aunt has terminal cancer. Aunt and Uncle are seperated....Mortgage was in Uncle's name only! Deed was in both. I will meet with both tomorrow and Register a Quit Claim Deed to the property.
I received a payoff letter for $37k house worth approx $90k. I don't want the house just don't want Aunt homeless. After a year of established payments I hope to aid her in getting a mortg. and xfer property back as she has (2)children at home.
I took equity line of credit for my home to cover the 37k, I will sign loan papers this coming Monday.
Question: What else do I need to do other than a quit claim deed to claim ownership of the property until my Aunt get's back on her feet?
Question: Does this title the property in my name?
Question: What about the Treasury for Tax purposes...is there a form for that?
Thanx for your help in advance.
Ryan
P.S. I live in Michigan
Hello Rydogg,
I smell trouble down the road for you. The best thing that you can do to prevent this problem is to hire yourself a real estate lawyer for about $300. This will be the best $300 that you have ever spent.
The deed will give you ownership. There is no need to tell uncle sam that you own the property when you buy it. Any expenses in the ownership would be reported on Schedule E next year on your 1040. A little different there I believe but here you would get the deed from the investor that bought the property at the sale. You would have to get the deed from your aunt and uncle before you could redeem the property in your name. They can deed you the rights to redeem with a deed or redeem it themselves. If it were in Texas or a deed of trust state I could help you do it.
Good LUCK and Thank You
Hope this helps some
Ted Jr
THANX for the advice!!!
I did speak with a Realestate Atty today. After explaining my situation. He told me I would need a $500 retainer...and pay $150 an hour! Jeeeze you would have thought I was caught robbing a pizza palor!
After that, I spoke with a Title Company who I paid to do a Title search of the property to see what I am getting into.
I also had my Uncle & Aunt sign a Quit Claim deed and had it notorized but not filed. I want to wait to have a look at the title to decide whether it's a go or not.
I was told from that point on when I do get the funds, all I have to do is redeem the property and file the QCD.
Am I missing anything?
Thanx again!
Here In texas all leins are wiped out at a tax sale for a property. you mentioned that you were getting a lone to pay off the 37k mortgage? Have you read the laws for redemption in your state?
[addsig]
Laws for Redemption is a new term to me? I live in Michigan....I will do a search to see what I can find out. What exactly should I be worried about?
That is correct. I am getting an HELOC to purchase her home.
Anther thing that came up yesterday is the fact that If I xfer this property into my name, seeing that my Aunt has lived there for 25 years....The Property taxes will be adjusted to the current SEV. Also I could not get Homestead credit (This will add $700 per year to the Prop Tax)
Geeeeze!
THANX FOR ALL THE HELP!
[ Edited by RYDOGG on Date 01/17/2004 ][ Edited by RYDOGG on Date 01/17/2004 ]
I am confused. Your aunt LOST her home for non-payment of her property taxes? It was sold to a buyer at the sherrifs sale. now you are trying to redeem it from the buyer who bought it right?
[addsig]
Correct. What I've found out is that the State of Mich has a 6 month redemption law. As far as I've been told is...All that has to be done is to pay the price that the property was won with any interest that has occured since the sale date.