Family Real Estate
Will My Children Owe Mortgage Balance In Full When I Die?
Question: I own three rental properties in Surprise. Each one has a bank mortgage with a “due on sale” clause, i.e., the mortgage must be paid in full upon any transfer of the rental property. My revocable living trust states that my three children become the owners of these three rental properties upon my death.…
Read MoreHOA Can Foreclose on Home for Unpaid Dues
Question: Our mother has been struggling with dementia that has worsened over the last year. We recently moved her from her Mesa home to an assisted living facility in Gilbert. The Mesa home is both a physical disaster (with numerous repairs necessary) and an HOA paperwork disaster. The HOA dues total more than $3,000, and…
Read MoreSon Entitled to Appreciation in Home’s New Value
Question: My son and his girlfriend bought a home in North Phoenix three years ago as tenants in common. They each contributed $15,000 for the down payment, and my understanding is that they have been splitting the monthly mortgage payments and other home expenses. Last year they had a baby, and they needed another bedroom.…
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