Protecting my Mother's Place to Live
I helped my mother by using my credit several years ago to get her a home; she and my father went through bankruptcy, and she didn't have credit. She pays the mortgage.
I am married now, and we have a home just built, and we are getting a mortgage in my name, and I am concerned that if something goes wrong with this house, my job, his business, and we have to try to get out fo this house by selling it, and it doesn't sell, becuase we are on the pipeline, that my assets will be attached for payment - with the mortgage in my name only.
Is there a way for me to protect my Mother's house, so it cannot be effected by anything that goes on between my husband and me. That's my question.. thank you!
Re: Protecting my Mother's Place to Live
Q: Is there a way for me to protect my Mother's house, so it cannot be effected by anything that goes on between my husband and me. That's my question.. thank you!
A: Mom could buy the house and refinance. Other than that, you need to make sure you don't get into trouble.
I am assuming that ma's house is in your name. Correct?
Re: Protecting my Mother's Place to Live
Yes - and I bought it before I was married. Can I create a business, and get incorporated, or gift it to her or sell it to her for a $1 or something similar- and deed it over to her? I don't want it, I just want her secure. We just don't have closing costs right now. She and I can arrange a side note for any equity from my initial investment. I suppose we'd need an attorney to do that - the property is out of state - In Vermont. This is definitely separate property.