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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37855
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My divorced, 87-year-old mother with some health issues has

Customer Question

My divorced, 87-year-old mother with some health issues has only $6,000 in bank and has been living in NYS in a 100+ year old house on 8 acres thru a $350,000 line of credit and Social Security [on a 2003 $500,000 appraised house]. Needs to refinance in 2 years. There is a 3-acre frontage that, I believe, can be divided into 2 parcel; but she refuses to do that or have a renter. As her now retired daughter, 67, and on the deed; but a resident of NJ, I have many concerns. She no longer has a 50% equity position to get a reverse mortgage, and insufficient savings to move...What options does she have, short of selling the property. I am not a bank, have pension saved for me, have funded her out of personal monies for some time & shared some expenses since my buyout [from stock options] of my father's 1/2 of property used for his relocation/living in SC when they divorced. He is 97, in assisted living 4 years, and I am closing sale of the modest SC house for less than 1/2 of purchase price next week. Oh boy! -- Nancy
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  LawTalk replied 2 years ago.
Good afternoon,
I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.
As your mother is being very difficult in terms of agreeing to find a way out, you may not have any palatable avenue.
Her lack of income will probably eliminate a refinance in 2 years and could result in the loss of the property when the funds run out. This would potentially subject you to losses as well---if there is an existing mortgage that must be paid.
If your mother will not agree to subdivide the property and sell a portion of the property, then you may have little recourse but to demand that she sell the property before it all cave in on the two of you---and if she will not agree to sell, you may have to file a Partition action in court to have the sale forced by the court.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Please remember to rate my service to you so that I can be compensated for helping you.
I wish you and yours the best in 2015,
Doug