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Buying or Selling a Home/life estate
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Question
MY FRIEND SIGNED HIS HOME OVER TO HIS DAUGHTER. THE HOUSE
IS GOING INTO FORECLOSURE. HE HAS A LIFE ESTATE. IS HE
PTOYECTED BY THE LAW. DOES HE HAVE ANY RIGHTS. PLEASE
ADVISE. THANK YOU. JOAN
When a property is foreclosed upon, any and all liens, except the local property tax lien, gets wiped out and that includes a life estate. However, your friend, in order to protect his life estate, can pay the mortgage or lien for which the property is being foreclosed. If he doesn't he may lose his right to that life estate. I suggest your friend consults with a real estate attorney to protect his rights. I do wish you well.
Dick Dennis dixiedee13@verizon.net
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Answers by Expert:
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- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
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- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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