ownership

[seniorjudge]

That's some more useful information!
I'm not sure if this ball and chain is worth it.
If it is lost, it isn't really, as the life tenant could outlive me.
Thank you.
It's amazing how others who have responded has lacked the maturity to be able to speak without resorting to name calling!
I would shudder to think they may call themselves professionals.

If you want to get rid of your interest in it, then quit claim it to whoever; don't let it get foreclosed...that could futz up your credit real good.

(If you decide to deed your interest away, get your own lawyer to give you legal advice on how to do it properly.)

 

[Ph128]

If you want to get rid of your interest in it, then quit claim it to whoever; don't let it get foreclosed...that could futz up your credit real good.

(If you decide to deed your interest away, get your own lawyer to give you legal advice on how to do it properly.)

That's interesting!
What if I haven't signed anything?
The mortgage on the home was done by the one who died.
The mortgage is also probably less than 50% of the value of the home ($70k loan/160K est. value), so there shouldn't be any problem getting the mortgage paid off is it were sold. I imagine the life tenant would have a hissy fit though!
Inheriting something I could possibly never benefit from and have to pay to maintain, doesn't sound appealing to me.
There's still $140K or so in cash yet to be divided besides the house.
Even if the home were to be paid off, there's still taxes, insurance, possibly a new roof someday, furnace, etc. plus making sure the life tenant wasn't making any waste of the property.
I am not sure it would be worth owning, even with the potential for the homes value to appreciate over time, but would not want to hurt my credit if I chose to do nothing with the house!

 

[seniorjudge]

That's interesting!
What if I haven't signed anything?
The mortgage on the home was done by the one who died.
The mortgage is also probably less than 50% of the value of the home ($70k loan/160K est. value), so there shouldn't be any problem getting the mortgage paid off is it were sold. I imagine the life tenant would have a hissy fit though!
Inheriting something I could possibly never benefit from and have to pay to maintain, doesn't sound appealing to me.
There's still $140K or so in cash yet to be divided besides the house.
Even if the home were to be paid off, there's still taxes, insurance, possibly a new roof someday, furnace, etc. plus making sure the life tenant wasn't making any waste of the property.
I am not sure it would be worth owning, even with the potential for the homes value to appreciate over time, but would not want to hurt my credit if I chose to do nothing with the house!

The lender will probably want the mortgage paid off; that means the place will have to be sold OR everyone with an interest will have to agree to a refinance.

So, this could be your golden opportunity to cash in your interest in the place for some gold.

It's up to you.

 

[Ph128]

The lender will probably want the mortgage paid off; that means the place will have to be sold OR everyone with an interest will have to agree to a refinance.

So, this could be your golden opportunity to cash in your interest in the place for some gold.

It's up to you.

I'll look into that.
Thanks!