Do I HAVE TO sell my grandmothers house??

[Sheila Hart]

What is the name of your state? Pennsylvania

I live in California. My grandmother died last July '04. She had a very small house with it's contents willed to me. The house (estate) is in probate and had no liens against it until now. There is a $30K convalesent bill owed, a inheritance loan I stupidly got for $18k and other small fees, like inheritance tax, lawyers, and maybe realtor fees. My questions is, the house ($100K value maybe) is the only asset and the only way to pay these debts I'm told is to sell, but I don't want to sell it, I would like to use it as an income property, can I refinance now in probate? Do I absolutely have to sell it? What is the allowable for the probate court?. And no right now I don't have a probate attorney. He left me high and dry, said I don't have enough value in the house. Please, Please somebody advise.
Sheila in Cali

 

[Alias_joe]

who is the Personal Representative?

Are the loans against the house?

 

[Sheila Hart]

Thanks for replying...I am the personal representative. I believe. I'm the executrix of the estate and the sole beneficiary.
Sheila

 

[Sheila Hart]

Oh and yes, there is the claim that the nursing home sent to the Orphans court and recorded. the other loan is a hard loan I signed for here in Cali which says that when the house settles that loan gets paid. So really there is only 1 loan.

Sheila

 

[Dandy Don]

You HAVE to sell it--otherwise, how are you going to come up with the $30,000 to pay the convalescent bill? If the home is not paid for in full, then selling is the best thing you can do.

 

[Sheila Hart]

Do you think it's possible to negotiate a lesser amount to paid to the nursing home and then refinance, pay the loan down and use the property as an income ?

Far fetched, I know, but I'm trying to find a way to benefit somehow, from a real mess. I don't think my grandmother knew this would hurt me when she died and left me the house.

Sheila

 

[Dandy Don]

You would have to get a professional financial planner to work the numbers for you to see in black and white whether this would be a benefit to you or not.

Isn't it obvious that you would gain financially from whatever profit is left over, which would be more than you would get by being tied down making monthly mortgage payments for years and years?