Ask Experts Questions for FREE Help !
Ask
    rodom's Avatar
    rodom Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 2, 2011, 04:54 PM
    Life estate/loan
    I have a home that was deeded to myself and my daughters as a life estate. It is to me for as long as I want it and then to my children thereafter. The party that deeded the property is now deceased. I need to purchase a vehicle and need to use this property as collateral for a loan. Can this be done? My credit isn't the best so I need to get a personal loan to do this. Can you tell me what steps I need to take to make this happen, if it is possible.

    Thanks
    Robin
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Aug 2, 2011, 04:58 PM

    Even with bad credit. You don't need to put up the house to get a car. If your payment history is sketchy at best then putting up the house could mean losing it. You don't want that.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Aug 2, 2011, 05:03 PM

    A life estate affords a person the right to live in a property as long as they live. When they die, the property goes to grantor of the estate or their heirs. Therefore the property is NOT deeded to you. Since you do not own the property you cannot use it as collateral for a loan.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Life Estate [ 0 Answers ]

I am the remainder of my parents home. My Mother is the Life Estate Holder, She is in a nursing home and there is a good chance she will not be coming home. Does she have the rights to stop me from moving into the house? Currently the house has been put up for taxes and I need to move into the...

Asking for a loan from a estate will [ 3 Answers ]

I am in my stepmothers will, but right now I am homeless and would like to borrow some money to finance a college course which would make me eligible to become a licensed surveyor. Is this morally or immorally right of wrong

Life estate [ 1 Answers ]

Ok guys Can someone explain what a life estate is,how it works. I have heard people talk about it but am not sure what it is. If I have posted in the wrong area of this site please let me know. Thanks

Loan and life estate [ 1 Answers ]

Hello I was asked this question by my neighbor and I have no clue about this so I am throwing it to you guys in hopes of getting an aswer for her. If someone is on a will that says life estate and the owner of that house { house is paid off} wants to get a line of credit to do some remodeling on...

View more questions Search