So my husband 67 yrsis disabled, and we live on to security and a pension. I am 65 yrs have a very small social security ck. We couldn’t afford our house anymore and let it go into foreclosure. It only had my husband‘s name on it that also had a credit card he couldn’t pay my name was not on it.
we purchased another house in a different state. The credit card company came after him. His balance was $3k now he owes $8k. They put a lien on the property, which is in both our names.. my daughter is doing well and has a beautiful home. My son build a very small tiny house on our property. We have a mortgage for 20+ years left. I don’t want my son to be homeless if something happen to us. If the house was sold, I understand the lien would be paid off. I would want them to get 50% if the house remain money. If my son makes the mortgage payments I would give it to him. I’m trying to figure out how I should transfer this to him. Add his name to the deed so there’s (three of us). I would do this by a quick deed. What do I do about the debt or the lien of $8k that I cannot pay off? Am I allowed to transfer the property by adding his name to it with lien? I’m very poor and cannot afford an attorney. I wanted to do a revocable living trust at that time you have to place your house in the trust and I don’t know if I could do that with a lein / debt?
does anybody have any advice for me?
The debt was my husband not mineOur home has both names on i Deed when they placed the lien!what can I do to ensure my kids get my home? I will also do a will to leave my vehicles and a small bank account
Right now you don't even own this home (that you don't seem to be able to afford). Where I live the lien needs to be cleared by the person who buys or inherits the home. Would your son be able to afford that? And then continue to pay the taxes, insurance, utilities, upkeep and repairs on an ongoing basis?
What you and your husband need to seriously think about is Medicaid. If you are poor, you will surely need Medicaid to help pay for your own care in your impending declining years -- especially if your husband is already disabled. Otherwise, your children may be stuck in a very difficult dilemma trying to care for both of you and/or pay for it as well with no relief or other solutions.
Please give us more information about why you are worried that your son may become homeless...is he low-income right now? Can't work?
Find an estate or Medicaid Planner for your state. When people make plans based on inheritances they often make some very poor decisions.
Once a lien is placed, it must be settled to remove. You or your heirs are going to have to deal with it.
I would recommend getting the information so the interest doesn't keep accruing. Often times a payment plan will put a stop to that.
You should find out if your local legal aid can help you deal with this situation. Because you can not get away from the judgment, you have to deal with it, by actually dealing with it.
Good luck.
I am really surprised you were able to get a mortgage after having a foreclosure, credit card debt, your income and your ages.
In lieu of that:
1) Check in your area at any senior centers; you can sometimes find centers in which attorneys volunteer their time/knowledge for a few hours.
2) Call your local council on aging for suggestions for low cost legal/financial advice.
I think that when you need expert advice you are better with an expert than with a Forum of strangers with varying opinions from around the world.
Lastly, Barb here often recommends www.bogleheads.org which has a financial forum. I think you will get better solid financial options from that forum given the complexities of your history/ current situation, than on a caregivers forum. Just my humble opinion and I wish you the best.
Mid to late sixties, and you still have an outstanding 20 year mortgage? Damn...