My question involves real estate located in the State of: FLORIDA
First of all I highly appreciate your time and thank you for having these forums. I have been trying to research the best solution for my situation by other means but I am overwhelmed and confused with information I have received. I have limited experience on real state or legal matters so please be easy on me, I am trying to learn. Trying to stay away from personal details but there are a few implications.
Basic details of the situation:
1) My parents currently have a mortgage (house). There is about $80k left in the mortgage. House is currently valued at around 350-400k. There is also a very high interest rate.
2) My dad had an extramarital relationship and there is another child. This happened at a different country and that's where the kid resides. Many years back.
3) Parents currently get along, and it has been agreed that the property belongs to my mother, this is really the only valuable asset she has. Father owns more property outside the US. My mother is also looking into getting a divorce in the near future for multiple reasons, trying to move on with live.
4) We have some legal concerns on the possibility of this extramarital family taking part of my Mothers asset (house In FLORIDA) down the road in the case something happens. We want to make sure she is fully covered.
5) I am not married, have good credit, reasonable income at around $140k/year. No other property on my name, just a vehicle and some student loan debt.
We are looking for the best way possible way to transfer ownership of the home to my name. With my financial situation, we are thinking I could take over the mortgage and avoid any sort of legal issues with the matter explained above. Is this possible? , do you think this will clear the concerns above?
In the case I do try to take it over, how does it work? , refinancing? . If sold directly, how does the sale price work in this case?
Thank you very much
First of all I highly appreciate your time and thank you for having these forums. I have been trying to research the best solution for my situation by other means but I am overwhelmed and confused with information I have received. I have limited experience on real state or legal matters so please be easy on me, I am trying to learn. Trying to stay away from personal details but there are a few implications.
Basic details of the situation:
1) My parents currently have a mortgage (house). There is about $80k left in the mortgage. House is currently valued at around 350-400k. There is also a very high interest rate.
2) My dad had an extramarital relationship and there is another child. This happened at a different country and that's where the kid resides. Many years back.
3) Parents currently get along, and it has been agreed that the property belongs to my mother, this is really the only valuable asset she has. Father owns more property outside the US. My mother is also looking into getting a divorce in the near future for multiple reasons, trying to move on with live.
4) We have some legal concerns on the possibility of this extramarital family taking part of my Mothers asset (house In FLORIDA) down the road in the case something happens. We want to make sure she is fully covered.
5) I am not married, have good credit, reasonable income at around $140k/year. No other property on my name, just a vehicle and some student loan debt.
We are looking for the best way possible way to transfer ownership of the home to my name. With my financial situation, we are thinking I could take over the mortgage and avoid any sort of legal issues with the matter explained above. Is this possible? , do you think this will clear the concerns above?
In the case I do try to take it over, how does it work? , refinancing? . If sold directly, how does the sale price work in this case?
Thank you very much
Mortgages: Taking Over Parents Mortgage - Financial/Separation Implications- Need Advice Pls
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