Possible Foreclosure
Hi Derrick
I had an Aunt who passed early this year and my Uncle had to be place in a nursing home, not in his right mind.
His son is in and out of jail and doesn`t have a job. I feel that their home will go into foreclosure in the near future if payments can`t be made.
After my Aunt died, here son refinanace the house in his and his father`s name. I need to know will I need both of there signature`s on a Quit Claim Deed if both names are on the mortgage?
Or how can I keep up payments to keep house in the family?
Thanks
the1bud
The1Bud:
Wasup my BP Bro.?
Glad to see your are posting on TCI like I recommended!
Several of the experts here should be able to address your Q. ---However,
Here is My take on your next suggested action:
1. Get a 'Power of Attorney' from your Cousin(as your Uncle is not Mentally capable of granting it to you).
2. Make sure that your cousin signs/notarizes a Quit-Claim Deed(UNRECORDED) and do NOT record it until you KNOW that he is the State recognized Representative/Guardian/Executor of the family estate(his Dec'd Mother and Mentally Incapable Father).
3. Upon a favorable determination of #2 the Son can lawfully place the home into a Land Trust with YOU as a co-Beneficiary.
4. Once you have all of these things covered you can safely continue to:
a. Keep the Mortgage Loan in Place,
b. continue to make payments and
c. set up a Re-SELL of the home while inside of the Trust (without your buyer having to get a NEW LOAN or QUALIFYING with their DEBT/CREDIT etc.)
Let me know if this is what you werte looking for?
Hope it helps!
DERRICK ALI
PS. Any other TCI members or Guest have a better or clearer suggestion for him?
[addsig]
Thanks Derrick, I'll keep your advice handy and run it buy my family.
Bud
Just to be sure, I would double check to see if the son has the right to handle the Uncle's affairs.
You should also double check the deed to see what names are on it. I have seen several instances in which the deceased spouse's name was still on the deed. You may need to be prepared with a death certificate also.
Tom