A life estate, like any other interest in land has value. It can be sold or traded, or simply given up, if the holder so wishes.
Yes. You can leave your property to a beneficiary. However, the beneficiary must pay off the mortgage or the lender will take possession of the property by foreclosure. When you grant a mortgage you are granting the lender an interest in your property. Your beneficiary would take the property subject to the bank's interest.
Generally, yes. However, you need the written consent of the life tenant. Otherwise, the property would be sold subject to the life estate.Generally, yes. However, you need the written consent of the life tenant. Otherwise, the property would be sold subject to the life estate.Generally, yes. However, you need the written consent of the life tenant. Otherwise, the property would be sold subject to the life estate.Generally, yes. However, you need the written consent of the life tenant. Otherwise, the property would be sold subject to the life estate.
The property is subject to the mortgage. In order to sell a portion free and clear of the mortgage you would need to obtain a partial release from the bank. The partial release must describe the portion you want to sell and must be recorded in the land records.
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
The property can be sold but the new owner would take title subject to the life estate. The interest of the life tenant wouldn't change. In order to sell the property free of the life estate the life tenant would need to consent to the sale by joining in the deed.
Yes, but you would need the written consent of the life tenant.
If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject to the mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.
If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.
The tenant owns the legal interest in the leasehold estate. The fee owner is the one who actually owns the property but the property is subject to the lease.
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
The remainderman can sell their interest as a remainderman in the property subject to the life estate. The life tenant has the right to the use and possession of the property for life.
Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.