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Yes because the property becomes yours unless they have already payed for the property in full.
The charitable organizations which provide tax deductions for donations include Green Planet, City International, For Humanity, Christian Mission, Parents and Children Together etc,
Some papers are more or less permanent, such as titles to property. Tax returns: I'd say seven years. Papers that are duplicated in the public records: it doesn't really matter, because you can always obtain copies from the public records.
Inheritance is not taxed for income tax purposes. However, if you acquire property through inheritance like a house or stock, and sell it later, you may have an income tax situation. There is a tax called estate tax, which must be filed and paid by the parents estate. This would depend on the entire value of the parents estate to determine if an estate tax return is necessary.
The estate of the deceased is...of course that may essentially be simply a reduction of what the children would get. But the tax does not go away..the property owes it and if it must be sold to collect it, by the estate (or the tax jurisdcition), it has to be, before clear title can go to anyone else.
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
you need to get it paid off. and or sell the property
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
POA won't have any personal implications for you as the only recourse on a reverse mortgage is against the property, not against any borrowers or heirs. All the POA will do is enable you to communicate with the lender on your parents behalf.
That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
If mother conveyed property to her son by a valid deed then he is the new owner. She cannot nullify a deed once she has signed it and it has been recorded in the land records.If son granted mother a mortgage in the property and she reserved the right to foreclose in that mortgage document she can take the property back by foreclosure if he defaults on the mortgage.
a system in which the son/daughter get the parents tittle name property immediately after there death is called as herditory
If there was a mortgage the bank does, otherwise the 3 children, unless the bank will work with them. Check mortgage docs just in case it was specificied in them who would get it.