I HAVE A HARD CHOICE TO MAKE,MOTHER IN LAW 'S HOME IS A REVERSE MORTGAGE HOME,BUT IN FORECLOSURE PROCESS FOR INSURANCE LAPSE AND UNPAID TAXES. ABOUT 8 THOUSAND OUT OF POCKET TO BRING CURRENT. MY QUESTION IS THERE IS A WAY TO PLACE A LIEN ON THE PROPERTY SO LATER ON I CAN GET REPAID BACK FOR SAVING THE HOME? 5 SIBLINGS ME AND MY WIFE HAVE DONE EVERYTHING WITH ZERO HELP FROM HER BROTHERS OR SISTER,I DON'T MIND DOING IT FOR HER MOM,BUT I DON'T WANT THE OTHERS TO SCREW ME OUT OF THE MONEY I PUT IN. THE HOUSE BALANCE IS 214 -230 AND HOUSE IS WORTH PROBABLY 100 THOUSAND MORE THAN WHAT IS OWED. HELP I NEED ADVISE IN THE WORST WAY.
I THOUGHT ABOUT SAVING IT,REMODELING A FEW THINGS THAT NEED IT,AND POSSIBLY TRY TO SALE IT WITHIN A CPL OF YEARS. MY WIFE IS OVER HER MOM'S FINANCES NOW (POA),AND HONESTLY THE HOUSE IS WAY TOO MUCH UP KEEP FOR HER AND A STRUGGLE FOR ME TOO.NICE HOUSE ,JUST TOO BIG WITH THE POOL. I TOLD HER MOM AND DAD BOTH I WOULD DO EVERYTHING POSSIBLE TO KEEP THEM IN THEIR HOME,AND BETWEEN THE OTHER SIBLINGS NOT TAKING ANY RESPONSIBILITY TO HELP,IT'S JUST ABOUT TO BREAK ME. HER PARENTS BOTH HAD ALZHEIMER'S,HER DAD PASSED AWAY IN DEC,AND JUST TRYING TO KEEP MY PROMISE TO HIM THAT I WOULDN'T LET ANYTHING HAPPEN TO HER,BUT THE MONEY I HAVE ALSO CAME FROM A IRA FUND THAT MY DAD LEFT ME IN APRIL WHEN HE PASSED.I REALLY WANTED TO BUY A HOME WITH THAT MONEY AS A DOWN PAYMENT,BUT IF I THINK I CAN GET IT BACK LATER THEN I WILL BE THE HERO FOR NOW ANYWAY.
IT'S JUST A LOT OF MONEY AND TO NOT KNOW IF I WILL EVER SEE IT AGAIN
@James D Kidd , is your mother-in-law still living in the property? If so, why haven't the taxes been progressively paid out of her account? And what will stop a future backlog, again? Are YOU prepared to pay all her bills until she passes?
Seems to me, all the siblings will want their share when the home is sold, regardless of a skewed "fairness" factor?
Unless you can get them on board with REAL fairness (in writing), it doesn't look promising to me.
Sometimes, caring will NOT get you a good dollar return. My guess is, by the time she does pass, most of the equity she currently has (if not all) will need to have been spent on her needs. But, all the best. Welcome to BP...
NO MORE ALL CAPS!!
Can you have a lien on the house, sure, it's called a mtg. The MIL could execute a note and a mortgage.
Sorry for all caps,did not mean to offend anyone,it's just the way i have always typed and it's easier for me to read(old eyes)
BP It seems to be the case that's what I have been doing for awhile now.Only time the other siblings come to help it's to start problems,they are skilled in that category.
I'm stupid on terminology of mtg and mil as far as what it means,. I was reading where some liens will survive and some will not. If I put the money up and place a lien on the house,it's my understanding that before the house can be sold,the lien has to be paid.I'm not worried about the house losing value,because it's in a historic part of the city. Let's say a cpl of years from now she passes away and then the reverse mortgage people want the loan paid or they just go to sell the house,I would paid first correct or is there a way for them to avoid payment?
I have been footing the bills up there a lot and the other siblings are only interested in what is good for them and their bank accounts. keep wanting to put her in a old folks home,but she is not at that stage yet.physically sound ,just the mental part that has failed ,and they want to move her hours away and take over her finances. Call me crazy ,but I am trying to keep her at the house where she is familiar with her home,and have read moving her will have detrimental adverse effects on her life. I just would love to think and hope someone would fight for me when I get that old,like I have for her. As long as I get paid first before everything is split up,I'm good with that.