Confusion Central

What is the name of your state? Massachusetts

Yikes- Do I have Mass Confusion.

Here's the Scoop- My mother passed away, left the house to me and my sister.

I live in the house with my son (17). We took care of my mother for two years with a progressive terminal cancer. She was in and out of hospitals, Nursing Homes, etc. Last stay was for five months (the longest duration) at a NH. She died there, we were going to take her home the following week, which ended up being her funeral.

Anyway, the facts. We have to clean up the house. We have to sell it or one of us buy out the other. I would like to buy out, but have poor credit. I now own half of this house, but do not know if that is enough to bump my ill credit. Think I have a FICO score of around 591-600. I tried to pay down some this last month, but the last six months have been a horror.

Now for more nitty gritty. I left work in late May to attend to figure out what to do about my mother. Working and dealing with all the issues was just too much. In February, they said her days were numbered, but no one knew when. Hospice was initiated in April. Anyway- work would not let me have time off and that was a major stressor, they threatened to let me go if I took any more time off.

So, I applied for unemployment- didn't hear until the day after my mother's funeral that I would get it. I had no real $$ since May and my mother died in July. Anyway, some more bills didn't really get paid.

More to this story- but is there a chance in hell or heaven that I can get an equity loan or something. Is there anything that says if you take care of your mother, something good will happen? Or do I just sell the house, take my share and begin another cycle of instability with billing cycles, etc. I moved two years ago in with my mother and despite advance notice to credit companies, many bills were not forwarded and all hell broke loose.

Any more facts anybody needs to know to help determine what can be done, please ask. I'm at wits end, completely. Everyone I ask ( there is a lawyer - who keeps referring me to other people to help discern issues). Whew! ANY help will be appreciated.

Thanks

[FarmerJ]

Will the other Heir to the estate sell you their share doing a contract between the 2 of you (contract for deed ) then you can make payments ? A lawyer can help the 2 of you draw up a contract for deed and make sure everything about the contract and the sale of house is legal . If it sounds like you can make a agreement to do this the contract can even have a balloon payment say in 5 to 7 yrs during that time you should be able to not only get your credit in better shape But you will abit more equity in house . So see what you can negotiate with the other heir and GO SEE A LAWYER .( I bought my first home on contract for deed and the lawyer I used took very good care of all the legal matters with buying it ) money well spent .

Hi Farmer J,

What exactly do you mean?

If I understand a balloon payment to mean alot of money is paid out at one time or another?

I will ask the lawyer- but what exactly should I ask?

I need to add that the lawyer is primarily for the estate of my mother, not for me or my sister. Perhaps I should try to get an inexpensive consult from a lawyer who might work in my best interests a little bit?

As you can see from some of my actions regarding my mother's health, I took my chances and wanted to make life better for her, without regard to myself. I'll never learn! But, I think most major life crises are behind me, I hope.

Thank you for responding.

[FarmerJ]

On a contract for deed the seller has a written contract with the buyer where the payments are made to the seller the seller would be doing same type of thing as owner financing so for example to buy the other person out it would take 29,000 at 12 yrs 10 % int it would have a monthly payment to seller of about 356.00 if contract was to carry out to end with last payment being different . and the seller signs off to the buyer . so the seller gets all the P I and buyer may be required to carry taxes and Ins but as I said if you both can agree on a amount and be fair with it so no one later can claim that they were taken advantage of then go see a lawyer to do all the paperwork .