Legal Question in Real Estate Law in Massachusetts
Can a dect owed from a mortgage foreclosure be leined onto land inherited ?
My Dad and his commonlaw wife of a great many happy years have called me with concerns over nursing home medical care and what might happen to thier land if they are in need of nursinghome care. They live in Florida and have expressed thier intent to pass the land on to both myself and one of her children whom is a friend of mine for a great many years as well. He lives with them in Florida and I lived thier at times also. They want me to have a place thier if I ever want or need it as well as him. They want to take action legally to protect the land from being taken for medical expenses if either needs long term nursing care. Two questions . 1) how should they do this ?
2) I have a foreclosure of a condominium due to happen and It is here in NH. I will have defaulted on a debt owed for the mortgage. Will this be effect the real estate in florida if they put it in both my name and her sons.
2 Answers from Attorneys
Re: Can a dect owed from a mortgage foreclosure be leined onto land inherited ?
You will definately require competent legal assistance. You might consider forming an LLC or Illinois trust and purchasing title to this real property in the new entity. Timing and structure is important under this scenario. Seek expert legal help. Good Luck!
Re: Can a dect owed from a mortgage foreclosure be leined onto land inherited ?
If the Mortgage company issues a notice of deficiency, they can come after your other assets. You could try to negotiate an agreement that if you give them a deed in lieu of foreclosure, they will waive any other claims against you, including any second mortgages they might hold. However, if you have a first with one bank and second with another, then that is not going to work.
Alternative is to then file bankruptcy and ask your parents to wait until the bankruptcy is done or they can put the property into a spendthrift trust to protect your interest.
Good Luck
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