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Ask Jack and Jill.com Current question on Real Estate:
Q. A person whose name isn't on a deed but has a life estate responsible to pay for nursing home payments?
Jack's Answer:
I would love to help you out with this one but I honestly do not know the answer. I'm not going to pretend
I know when I don't . I would advise to seek someone in the legal field on this issue.
Jill's Answer:
I'm not sure if the question got cut off or not, but from the information I'm seeing there, in my opinion and experience, if a person's name is not on the deed, they do not have legal ownership or rights to that property, therefore if a nursing home or creditor was coming after assets, I don't believe they would have an issue. If this doesn't help, feel free to inquire again, and if you do happen to put an email we never publish them but would notify you when the question has been answered. As always it would be wise to consult a specialized attorney.
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Ask Jack and Jill.com question on Real Estate:
Q:I recently moved and subletted my apartment to my best friend and her boyfriend. I've been gone a little over a month and she has not paid what she was supposed to when she was supposed to. I'm across the country, and it is my best friend, so extremely frustrating. Help!
Jack's Answer:
That's not a friend. If she can do that to you then you should have no problem letting her know that you will have to find someone else to live there. You did her a favor. If she can't pay the rent on time then it's time for her to get out. It's just business. That's why you stay away from doing business with friends. Just think, would you ever do that to do.
Jill's Answer:
Looks like you are being taken advantage of. I'm sure you had nothing in writing since you are best friends, but how about shooting her a text and saying you have someone else who needs to rent it and they will pay you several months up front since she's having a hard time paying. Tell her she has two weeks to decide if she can pay or move out.
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Ask Jack and Jill.com question on Real Estate:
Q:I bought a condo about 5 years ago and have been out of work for two. The bank is unwilling to work with me because my only income is unemployment, which ran out several months ago. I obviously can't sell because the property values have dropped significantly. What are my options?
Jack's Answer:
First of all I wish you the best of luck getting a job and getting back on your feet, but in the meantime, you do have options. One is research some of the many law firms that are helping home owners defend themselves and stay in their properties. I know of some firms that will work out reasonable monthly payments to the firm, e.g. I have a friend that has a home and he worked out a $250 per month to the law firm to represent him and basically keep him in the home. He has now been in the home over 2 years. Another option would be to contact a real estate company that specializes in short sales and possibly contact your bank to set up a short sale arrangement between you, the real estate agent and the bank. (If you can price your condo a little bit higher than other condos in the building, you probably won't have much action which could be a good thing for you because it buys you time and also is keeping the bank at bay. The banks are usually happy knowing that the property is listed for short sale and moving forward instead of staying stagnant. Hope this helps
Jill's Answer:
You do have a few options. It sounds to me that you would qualify for a short sale, where you would sell your condo for market value, which is less than what you owe. Your bank would have to approve the sale, but most likely would because it would net them more than if they foreclosed. It still affects your credit poorly, but not as harsh as a foreclosure would, and being that you've been out of work I imagine your credit has taken a hit. At this point it would make more sense for you to rent, as it's cheaper and you won't have the overhead of taxes, insurance, possible community fees, etc. Also if your situation turns around, it is possible to purchase again several years in the future as you rebuild your credit. Look in to government assistance as far has rental housing, because as you said you are unemployed and it's hard to rent with little to no money and no job. I would remain in the condo as long as the short sale process is still ongoing, as a way to save money on rent and still have a roof over your head. The process may be lengthy, depending on your bank, realtor, and buyer. Other options include waiting for the bank to foreclose, which may take awhile also, or some banks are offering borrowers cash for keys. You agree to hand over the condo, they help you with relocation expenses. Call your bank and discuss which options they
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