| My father put my name on the title of his house. Bad idea? |
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Eric80
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| My father put my name on the title of his house. Bad idea? |
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Seem like you have a real dilemma here, my first point of advice would be to contact a financial advisor to let you the legal facts and figure as they are specialist and will know what position your in, and will probably give you sound advice instead of forums. Maybe you could consult a solicitor just encase your find that this is not a financially health situation to be in. I am no specialist but I would consider that your father is correct depending on the insurance policy he has with the mortgage (get all the information of your father and then contact the financial advisor) because in theory it make sense if you have a policy to cover the mortgage in an event of someone unfortunately becoming deceased, as it would be unreasonable for the remaining living partner to cope with the remainder of the mortgage, thats how it works in the United Kingdom anyway.
Freeze your interest with an IVA (Individual Voluntary Arrangement)
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Sat Aug 06, 2011 12:05 am |
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K997
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Cash: $ 2.10
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Joined: 29 Jul 2011
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| Re: My father put my name on the title of his house. Bad ide |
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quote:
Originally posted by Eric80
Seem like you have a real dilemma here, my first point of advice would be to contact a financial advisor to let you the legal facts and figure as they are specialist and will know what position your in, and will probably give you sound advice instead of forums. Maybe you could consult a solicitor just encase your find that this is not a financially health situation to be in. I am no specialist but I would consider that your father is correct depending on the insurance policy he has with the mortgage (get all the information of your father and then contact the financial advisor) because in theory it make sense if you have a policy to cover the mortgage in an event of someone unfortunately becoming deceased, as it would be unreasonable for the remaining living partner to cope with the remainder of the mortgage, thats how it works in the United Kingdom anyway.
Whoa, you just threw a monkey wrench into my equation. I didn't even consider the insurance option. That's a good point ... I'll add it to my check list of items to investigate. I'm meeting with a financial adviser this week. Hopefully he'll be able to advise me either way. I'll report back after.
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Mon Aug 08, 2011 2:31 pm |
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