 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Wait a minute here. Generally a reverse mortgage gives the homeowner the right to live on the property until they die, sell or move out. Then it goes back to the lender. So how can you inherit? And why would it be in foreclosure?
Also for what period are the taxes with respect to when your mother died. |
||||
|
||||
|
First no it would not be in foreclsoure to a reverse mortgage company, A reverse mortgage company basically "buys" the home and allows the person to live there till they die and then they take possession of the home. So you need to find out first exactly what type of mortgage it is. Next if it is a real reverse mortgage, they own the home and are merely going to take it, and you don't inherit it. If it is a regular mortgage that is merely behind in payments, then the estate needs to pay the mortages up to date and pay the back taxes. You need: 1. go to the recorder of deed and see who actually owns home at this point 2. have the estate attorey review the current mortgage paper work. 3. check to see status of current property taxes. |
||||
|
||||
|
Correct. Our mother passed away last march. My two older sisters lived in the house with her and are still there, we have had 3 extensions from the mortgage company during the probate and are in the 4th during the sale of the house. There are back taxes owed but my sisters could not afford to pay them. Anyway the probate has placed the property in all of our names. Needless to say we don't want to pay the taxes if we don't have to? Shouldn't the bank pay them if they will get the property anyway? We are trying to sell the house to settle that lien and others if we can get more for the house. The balance owed to the bank is 80,000. We own the remaining equity if any after the sale... if that makes sense? |
||||
|
||||
|
Correct, if you merely owe money on the home, it is not a reverse mortgage, in a reverse mortgage, they would already own the home, Yes, the taxes will have to be paid by the estate. And should not have really beeen transferred out of probate without it being paid. Sounds like no probate attorney helping you all? |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My sister inherited the house her husband owned, after his death 4 months ago. She lives in the same state but a different town. He had no will but she was listed as next of kin because they were legally married. There are no children. My sister wants to sell me the house as a "For Sale by...
My mother died with a will that left the house she lived in to me and my four siblings. They want to sell the house, but I do not. The house is in all five of our names. How do I buy them out so that they can have their financial interest in the house and I keep the house? Do I need to get a...
I inherited 51 acres in West Virginia from my father who has died in March of last year. It is being transferred to me on Friday. The 2008 property taxes have not been paid. The will is going through Probate Court in Georgia now. Should the estate of my father pay the back taxes as the will is...
My grandmother died in 2001. She left a living will estate for her roommate to live in the home until she died and then my sister and I would then own the home.The roommate died in 2008. So once the roommate died we were able to sell the home. We sold it a few months after the roommate died and...
I am married and live in a wonderful home. I have recently inherited another house, and now I wonder if I should lease it or sell it? It seems a matter of tax implications. Please advise!:confused: Daniela
View more questions Search
|
