my grandmother wants to sell her property to move out of state
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my grandmother wants to sell her property to move out of state
a few years ago my grandmother needed help to keep her house. i pulled over 20,000 in personal loans to help her keep the house. the loans are a few thousand dollars less today. now she wants to sell the home but the loans are in my name and she is on SSI and social security. as we know it she can only sell her home to buy another home and repair it, but not to pay bills that are not hers and not on the property. she must also pay for her move and furnishing her new home. how would she be able to do that or can she? she does pay the loans and there is a contract signed for them.
Asked on November 27, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The personal loans and the sale of real estate are completely unconnected: one does not affect the other unless she gave you a mortgage (a security interest in; i.e. the right to foreclose on if not paid) on the property. Otherwise, while she still has to pay you according to the terms of the loan, it has nothing to do with her home sale and the loans do not have to be paid out of the sale proceeds.
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