Legal Question in Real Estate Law in New York
Life use and re financing
We bought our house from my wife's parents, giving them life use. There is an inlaw apartment. We wish to refinance at a lower interest rate. My mother in law passed away, and father in law moved out of state. He will not speak to us, and would not tell us where he is. We found him to ask him to sign either on refi or quit claim. he refuses. Is there any recourse? We feel trapped. we can't refi, or sell, what can we do?
2 Answers from Attorneys
Re: Life use and re financing
It may depend upon the wording used to give him a life estate. You may bring an action to quiet title claiming he abandoned the life estate.
Re: Life use and re financing
I would simply add the following note to Mr. Slater's reply: if your father-in-law holds a standard life estate in the entire property, without restrictions or conditions, he does not have to live there to maintain his interest. As Mr. Slater writes, it all depends on the specific language which created his life estate, or use, as you call it. Feel free to call me at 212-367-9167 to discuss this further. I do not charge a fee for the initial consultation.
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