Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-19-2009, 05:46 PM
 
Location: Phoenix, Arizona
1,112 posts, read 4,010,662 times
Reputation: 1240

Advertisements

Alright. Upon further investigation - What my grandmother had set up was a trust, and not a will.

Gahh. This is too complex for me.
Reply With Quote Quick reply to this message

 
Old 08-19-2009, 06:04 PM
 
Location: Barrington
63,919 posts, read 46,910,259 times
Reputation: 20675
How fabulous that your grandmother provided for a roof over your mother's head and did her best to ensure she would continue to have a place to call home.

It's kind of sad that mom is looking for a way to use the proceeds from a sale to pay her bills. Where is she going to live, then? What's to prevent her from running up a lot of bills all over again, which is very common when people spend more than they make?
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 06:11 PM
 
Location: Illinois
718 posts, read 2,084,802 times
Reputation: 987
And you are so right....Grandma knew best and was trying desperately to make sure her daughter had a place to live.
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 06:17 PM
 
9,802 posts, read 16,248,939 times
Reputation: 8266
If she sold the house to her brother for $5, he would owe gift tax to the IRS.
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 06:21 PM
 
26,142 posts, read 31,265,776 times
Reputation: 27243
I've never seen a clause like that in a will but I have seen it in a mortgage and that may be why it is stated that way in the will. I'd start out looking at the mortgage papework and find out if it stipulates in there it is to be a primary residence
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 06:50 PM
 
406 posts, read 1,500,146 times
Reputation: 235
Why doesn't she just take out a HELOC on the home if she wants cash to pay bills?
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 11:50 PM
 
Location: Salem, OR
15,617 posts, read 40,590,529 times
Reputation: 17551
I'm guessing the clause is in the will for the very reason that the scheming is going on...she was trying to ensure her daughter always had a place to live...
Reply With Quote Quick reply to this message
 
Old 08-20-2009, 12:49 AM
 
Location: Phoenix, Arizona
1,112 posts, read 4,010,662 times
Reputation: 1240
Agreed, and, my grandmother was a saint for doing so. My mother would be on the street, otherwise. But at the same time, I can see my mother's point of view.

The house, for those of you familiar with Phoenix, is in the notorious Maryvale area - My mother doesn't feel safe there living alone. And I completely understand that. So. yes. I'd say that she needs to sell the house and move. But, she's determined to profit from the situation.
Reply With Quote Quick reply to this message
 
Old 08-20-2009, 05:57 AM
 
9,802 posts, read 16,248,939 times
Reputation: 8266
Quote:
Originally Posted by CodyW View Post
Agreed, and, my grandmother was a saint for doing so. My mother would be on the street, otherwise. But at the same time, I can see my mother's point of view.

The house, for those of you familiar with Phoenix, is in the notorious Maryvale area - My mother doesn't feel safe there living alone. And I completely understand that. So. yes. I'd say that she needs to sell the house and move. But, she's determined to profit from the situation.

----" My mother doesn't feel safe there living alone "--

Strange you should wait so long to bring this up / make this up.

It appears you are siding with your mother and are not that intrested i what other posters say.

It isn't safe for your mother, yet it was safe for your grandmother ?
Reply With Quote Quick reply to this message
 
Old 08-20-2009, 06:30 PM
 
Location: Phoenix, Arizona
1,112 posts, read 4,010,662 times
Reputation: 1240
Quote:
Originally Posted by marmac View Post
----" My mother doesn't feel safe there living alone "--

Strange you should wait so long to bring this up / make this up.

It appears you are siding with your mother and are not that intrested i what other posters say.

It isn't safe for your mother, yet it was safe for your grandmother ?

I feel almost crushed that I'm about to dignify that with a reply.

No, it was not safe for her. But my grandmother was also not living there alone like my mother is currently. My mother was there, and so was I. The situation is different.


And to suggest that I MADE this up? Hah. That's nonsense. These are the facts - the only reason I didn't state them at first is because I was asking for advice, and not for you to judge myself or my mother or her financial decisions. I did not think I would have to DEFEND her position in the matter amongst accusations from thick-headed strangers.



I thank the posters that gave me good information. You, however, I do not.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 04:44 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top