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I have been disabled by a heart by-pass and now diabetis, I no longer can work and I own my own home with a mortgage of approx. 45,000 left on it. My son moved in right after my operation in 2001 and has taken over the payments as well as the rest of the bills. I would love to turn the house over to him but he has bad credit and doesn't think he can get a mortgage. Is there anyting we can do?
Get a Living Trust, Deb. Very simply, you deed the house to the trust. You are the trustee. Your son is the substitute trustee. Upon your demise(should that occur), he becomes the trustee. Nothing changes. Contact and talk with an attorney who specializes in trusts. There are websites who offer to show you how to do it, as well.
Just make sure you do it right. I wish you well.
Dick Dennis dixiedee13@aol.com
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you for all the great info. We will be sure to take care of and get one of these quit claims. Thanks again so much! Lisa | ||
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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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