fathers home

[Cheryl76]

What is the name of your state? PA

sorry if this is the wrong forum to post in. i have been living with my father for the past 3 years in a new home he purchased, actually me and my husband purchased the home but used my fathers name for credit purposes. over the last 3 years we have made all the payments while taking care of my ill father. sorry to say but my fathers cancer problems have taken a turn for the worst and it's only a matter of time now. my father has no income, no assets and no life insurance. my question is this, what can i do to keep our house once he dies? the payment is no problem, i can't see moving since we put some money into fixing this house up, can we just continue to make payments on the house, do we have to apply for a new mortgage? i just don't know what my options are. lending tree is the mortgage company if that makes a difference.
thanks for any info anyone can give!

[JETX]

Originally Posted by Cheryl76

what can i do to keep our house once he dies?

Missing information...
1) Who's name(s) is/are on the title... and in what form??
2) Who's name(s) is/are on the mortgage??
3) Does your father have a will??
4) Does he have any other children or a spouse??

[Cheryl76]

everything is in my fathers name that concerns the house
no spouse
1 other child, but that is not of concern in this matter(sibling trying to help me and well off)
no will, like i stated earlier, other than the house, which the mortgage is in his name, my father owns nothing hence no will. but if helping me keep this house means having one, he would do so. as far as the title goes, i am not sure, wouldn't it be my father and the lender?

thanks

[efflandt]

Contratictory information. You say that everything concerning the house is in your father's name, but that he owns nothing. You have to find out whose name(s) are on the deed and mortgage and how that is worded.

So did you and husband really buy the house and father just co-signed, or did father buy it himself and you are just living in it?

[CAowner]

Your father needs a will to make it absolutely clear that he intends for you alone to inherit the home and to simplify the probate process. When he dies, you can continue to make the mortgage payments. You will also inherit a stepped-up cost basis on the house based on its value on the date of his death, rather than the original amount he (you) paid for it.

This is all assuming that his is the only name on the deed.

[Cheryl76]

efflandt,

thanks for your response, but i'm sorry if i'm not making myself clear. when i say my dad own nothing, i meant he's broke! he has no assets except for the 27 years left on the house he purchased. has no money in his bank account, and he's unable to live on his own because of his condition and his financial situation. my dad bought our house but we are making the payments for 2 1/2 years we both lived in separate places, he in his townhouse, my family in my dads house that he purchased in name only, meaning my husband and myself paid all fee's deposit and make every payment from our bank account. because of my fathers condition, he couldn't even make the mortgage payment every month if he wanted to, nor was he able to live on his own that is why he's with us now. i don't know why you would question WHO bought the house, why would i come on here looking for help and not give the truth? lastly teh only names involved are my father and the lenders. i never said father co-signed, he "bought" the house, we are paying for it as it was always intended.

CAowner.
thank you very much for your response, it will be very helpful.
when you said "inherit a stepped-up cost basis on the house based on its value on the date of his death, rather than the original amount he (you) paid for it" what exactly does that mean? does that mean the house will be at a higher value, meaning a higher payment? this whole process, will i be needing an attorney to handle this or is it something that we can do on our own throughout the whole process? i mean if they add an extra 20k value onto the house then i would just walk away.
thanks!

[FlyingRon]

Originally Posted by CAowner

Your father needs a will to make it absolutely clear that he intends for you alone to inherit the home and to simplify the probate process. When he dies, you can continue to make the mortgage payments. You will also inherit a stepped-up cost basis on the house based on its value on the date of his death, rather than the original amount he (you) paid for it.

This is all assuming that his is the only name on the deed.

You can avoid probate entirely without changing the tax implications by putting the house in a revocable trust with you as the (sucessor) trustee.

[moburkes]

Originally Posted by Cheryl76

efflandt,

thanks for your response, but i'm sorry if i'm not making myself clear. when i say my dad own nothing, i meant he's broke! he has no assets except for the 27 years left on the house he purchased. has no money in his bank account, and he's unable to live on his own because of his condition and his financial situation. my dad bought our house but we are making the payments for 2 1/2 years we both lived in separate places, he in his townhouse, my family in my dads house that he purchased in name only, meaning my husband and myself paid all fee's deposit and make every payment from our bank account. because of my fathers condition, he couldn't even make the mortgage payment every month if he wanted to, nor was he able to live on his own that is why he's with us now. i don't know why you would question WHO bought the house, why would i come on here looking for help and not give the truth? lastly teh only names involved are my father and the lenders. i never said father co-signed, he "bought" the house, we are paying for it as it was always intended.

CAowner.
thank you very much for your response, it will be very helpful.
when you said "inherit a stepped-up cost basis on the house based on its value on the date of his death, rather than the original amount he (you) paid for it" what exactly does that mean? does that mean the house will be at a higher value, meaning a higher payment? this whole process, will i be needing an attorney to handle this or is it something that we can do on our own throughout the whole process? i mean if they add an extra 20k value onto the house then i would just walk away.
thanks!

No need to be defensive and rude. When your post isn't clear, you are asking people to GUESS about what you are trying to say. For example, if your father is on the title/deed, then he DOES own something. Try being nicer to people who are trying to help you.

[Cheryl76]

Originally Posted by moburkes

No need to be defensive and rude. When your post isn't clear, you are asking people to GUESS about what you are trying to say. For example, if your father is on the title/deed, then he DOES own something. Try being nicer to people who are trying to help you.

LOL Whatever! but when someone makes a comment like this

"So did you and husband really buy the house and father just co-signed, or did father buy it himself and you are just living in it?"

i take it a little personal, my father is dying and suffering through this cancer, he is slowly dying, it's hard to watch and handle since i lost my mom when i was 9, so excuse me when i take offense to someone questioning what i write when i was only looking for help not someone to question or judge me. funny how i got a reply with my original post and not someone questioning if i REALLY bought the house.

thanks for the help guys, i will look into both suggestions !

[moburkes]

Again, no one is JUDGING you. We are trying to give you a legally accurate response, and, without the full and correct information, we cannot do that. The poster after that just happened to have GUESSED what you were trying to say, instead of getting clarification first.

You did say that you and your husband purchased the home, but then you said that your father did. Boy, that is extremely confusing.

[Cheryl76]

what is so confusing about this statement?

"i have been living with my father for the past 3 years in a new home he purchased, actually me and my husband purchased the home but used my fathers name for credit purposes."

it's pretty self explanatory...our money his credit rating, don't see the confusing.
just felt i needed to answer your response, but this is going nowhere, so if i was out of line i apologize, i may be a little on edge and not all there, i just had to take my dad for his 2 catheter in as many months.

after doing some research on the suggestions, it seems a lawyer would be the best route to go to draw up a trust, i just know i'm gonna ball in the office with my dad there when they start talking about this stuff and when he passes.

t

[moburkes]

i have been living with my father

= HIS HOUSE

in a new home he purchased

= HIS HOUSE

actually me and my husband purchased the home

= YOUR HOUSE

used my fathers name for credit purposes

= HIS HOUSE

What you are trying to say is that you are paying rent to your father for the privilege of living in his home. Yes, you need an attorney, but you are glorified renters with no benefits. However, good luck. And, don't forget about renter's insurance since his insurance does not protect your belongings.

[FlyingRon]

Originally Posted by Cheryl76

it's pretty self explanatory...our money his credit rating, don't see the confusing.

Because, these are not legal concepts: "our money" or "his credit rating."

The legal issues is whose name is on the deed? Who's name is on the mortgage? If I interpretted you correctly, your father OWNS the house he also has all the obligation to the mortgage. He controls everything.

[Cheryl76]

UGH! never thought it would be so difficult to get a push in the right direction.

for the last time, and i just want to add the damn mortgage broker understood what we were doing!

i have bad credit,my husband works for himself we tried to get a mortgage but they said it would be easier if we did a no document loan without me on it, but we needed to come up with 1/3 of the purchase price of the house, that wasn't possible. this is where my current situation comes into play. father said, i'll secure the loan you pay the fees and when credit is cleared up you can buy the house. my father had is own residence, we lived at the house paying the mortgage taxes and all bills just like he was doing in his townhouse(renting) we live here with my son, my father 2 miles away. yes by law it is my fathers house, but we have an agreement aside from what the the law states, the mortgage broker knew we were doing this as well, the other option was for him to have it as a rental property and something else, i don't remember but then taxes would have to be paid on "the profit" but since we knew there would be no profit, we went this route.

now excuse me if i said i'm living with my father or he's living with me, what's teh difference when i already explained the situation. if you can't help don't respond, beside i click on one other post and you're over there complaining about multiple posts, so just simmer down if you don't want to help! i live with my 15 year old son, by your math does that = his house? and if you knew the law your quote of glorified renters would never of came up. unlike yourself, flyingron stated something about a revocable trust, which in short allows my father to leave me the house in his passing since i'm a blood relative. you could of just stated and be done with it.



flyingron, you are correct everything is in my dads name and he controls everything, we are just trying to find away where, after his passing we can just assume the mortgage payments in the quickest and cheapest way. i see the revocable trust is money up front but cuts out the courts and seems to be the quickest way to go about this, i thank you for your help!

[LindaP777]

Originally Posted by Cheryl76

we are just trying to find away where we can just assume the mortgage payments in the quickest and cheapest way.

Before a bank would want to do business with you, they would have to prove your creditworthiness (credit check) and get it all in a legal, binding contract with you (mortgage) on a house in your name (deed). You just can't continue to pay the current mortgage (your dad's) with the bank being none the wiser. The house will have to go through probate where everything will be settled nice and legal once your father passes.

FWIW - if you keep saying "damn", I doubt you'll get another damned response from anyone!