- Joined
- Jan 3, 2006
- Messages
- 7,356
So, my dad had some hard times years ago and my grand-dad purchased a house for him. Grand-dad bought it outright and holds the deed. The plan was my father would live there paying a little rent to him to cover insurance and taxes and the house would be my father's inheritance. However my grand-dad maintains ownership until his death because he doesn't 100% trust my dad to not take loans on the house and end up losing it. That's the case in a nutshell.
Over the years my grand-dad's perception of my father's responsibility has not changed though and now he worries that once he passes Dad will borrow against the house and not keep up with loans and lose it and be back in the hard times he was before. So, he has asked me to come figure out with him a way I can have some control over the property. I'm a little hesitant on this because I don't know how it could be set up for me to have any control without also having some liability. If my father doesn't keep the house up, pay insurance or pay taxes I don't want it all falling back on me. I'm not sure if there is a way to make it so I have to give permission before any loans can be taken out on the house but would not be responsible for any of the previously listed things. *sigh* I'm thinking I need to make an appt to see a lawyer or something but now is not the best time to be doing this, my grand-dad is stubborn though and when he gets an idea he won't let it rest. I also don't think he wants my dad to really know about all this which makes me uncomfortable. I try not to get in the middle of anything and I have a good relationship with both but they have been butting heads the past couple years. Sometimes I feel like a parent to my parents, why can't they just be normal LOL
Over the years my grand-dad's perception of my father's responsibility has not changed though and now he worries that once he passes Dad will borrow against the house and not keep up with loans and lose it and be back in the hard times he was before. So, he has asked me to come figure out with him a way I can have some control over the property. I'm a little hesitant on this because I don't know how it could be set up for me to have any control without also having some liability. If my father doesn't keep the house up, pay insurance or pay taxes I don't want it all falling back on me. I'm not sure if there is a way to make it so I have to give permission before any loans can be taken out on the house but would not be responsible for any of the previously listed things. *sigh* I'm thinking I need to make an appt to see a lawyer or something but now is not the best time to be doing this, my grand-dad is stubborn though and when he gets an idea he won't let it rest. I also don't think he wants my dad to really know about all this which makes me uncomfortable. I try not to get in the middle of anything and I have a good relationship with both but they have been butting heads the past couple years. Sometimes I feel like a parent to my parents, why can't they just be normal LOL