Q: My ex has end stage dementia-I am his POA/HCP-hold mortgage on 1/2 house he shares-Can I get lieu deed before he dies?
I have never been paid any interest & want to keep family property safe. I have already paid off one other foreclosure on the property to keep it safe. It is shared (TIC) with his niece. I do not want to force sale of the property when he dies to get my money, so would like to deal with this beforehand. I understand I will have to take on junior liens. Mortgage was from a modification trial of money he owed me for child support so not taxable? What do I do? I take care of him, have been his person for 10-15 yrs- paid for rest home, gotten him into memory care unit(s) & on Medicaid. I have fought for best care possible. I am concerned his older children from previous marriage will say I am taking advantage-they are not involved in his care/life, and see him at best 1x a year. There are liens that should have expired but not cleared in registry of deeds. Was told not to ask IRS questions about liens & want to do this before a family feud ensues. Please and thank you.
A: So I understand correctly, your ex owns the house as tenants in common with his niece and you have a mortgage on his interest in the property only. You propose to accept a deed in lieu of foreclosure of his interest in the house. Following such a transfer, you will be tenants in common with the niece. I assume your mortgage is in first position. Would a deed of your ex' one half interest in the property be equivalent in value to the amount of your mortgage? If not, there may be a fraudulent conveyance issue or your ex' other family members may allege undue influence. In addition, is your ex competent to sign a deed to the property. Certainly a deed in lieu of foreclosure would give you more control of the property and eliminate the interests of your ex' children to the extent they would take his interest after his death. All that said, is your goal to own the property with the niece? Lastly, before undertaking anything I strongly suggest you consult an attorney.
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