Complicated House Question

[rduchateau2954]

What is the name of your state (only U.S. law)? Wisconsin

So my dad passed away without a will. A long legal issue insued between my mother and my fathers ex wife. My mom just bought off my fathers ex and now owns half the house. The other half is divided between me, my sister and my half sister. My mom will be buying out my half sister.

She tells me I should sign over my 1/4 of the house because my bad credit will be a negative thing with my name on the deed.

I trust my mom but when it comes to money she is all business. Should my sister and I sign our portions over to my mom to give her complete ownership? I don't want to blindly trust her and have it bite me later in life.

Lemme know what you think.

Thanks
Ryan

 

[FlyingRon]

The quarter share is yours. If you think your mom should have it, then give it to her, but her arguments are specious. Your credit is your affair. Is there an existing mortgage on this property? Is your mother looking to refi it for some reason?

 

[rduchateau2954]

The mortgage will be paid off in three months. My mother may buy another house and rent out both sides of the duplex. It just seems to be a matter of my name on the deed. I am just wondering if having my name on the house would serve any benifits for me later in life. Could my 4k in credit card debt have an effect?

 

[rduchateau2954]

The house does need some work. Not knowing who would end up with the house led to some disrepair. A new roof, entry doors, smaller minor stuff etc. My mother isn't going to take out a loan for the repairs. We are not doing the roof untill spring. There isn't any bad blood. I just want to be informed before I make my choice.

Thanks again,
Ryan

 

[LdiJ]

The house does need some work. Not knowing who would end up with the house led to some disrepair. A new roof, entry doors, smaller minor stuff etc. My mother isn't going to take out a loan for the repairs. We are not doing the roof untill spring. There isn't any bad blood. I just want to be informed before I make my choice.

Thanks again,
Ryan

If no loans are to be taken out, then your credit is irrelevant so I am not sure why your mom is making that an issue.

Perhaps your mother is concerned that your bad credit would lead to liens being placed against the house?

In any case, if your mom wants your share of the house, she should be buying you out, just like she is buying out your half sister.

 

[rduchateau2954]

Alright, I think I will just sign over my portion. Thanks for all the good advise everybody.

Ryan