NC - Inherited Property, Albatross, How to Unload

[skisaacs]

My sister and I have an inherited property - the only poor invesment that our father made. His estate was settled in mid-late 2003, and my sister decided to sit on it and see if it would turn - it is a condo in Charlotte. Meanwhile, she has made mortgage/loan payments, and the deed was never transferred - it is still registered in the 'estate of' our father, and likewise, the loan at the bank is still in his name. The building is having trouble attracting renters, and there are some interested investors for the entire property, but who knows how long that would take. The only units that have sold are selling well under what he bought it for 15-20 years ago, and less than what is still owed. Someone suggested a 'quit-claim' deed transaction, but the bank says they do not allow this, not sure if there are other options with that. Another thought we had was just to let it foreclose, but we don't want it to affect our individual credit ratings - if the loan and deed are still set as above, would forecloseure affect us or not? Any other ideas besides these that would allow us to dump the albatross? Many thanks, complex situation...

[HomeGuru]

Originally Posted by skisaacs

My sister and I have an inherited property - the only poor invesment that our father made. His estate was settled in mid-late 2003, and my sister decided to sit on it and see if it would turn - it is a condo in Charlotte. Meanwhile, she has made mortgage/loan payments, and the deed was never transferred - it is still registered in the 'estate of' our father, and likewise, the loan at the bank is still in his name. The building is having trouble attracting renters, and there are some interested investors for the entire property, but who knows how long that would take. The only units that have sold are selling well under what he bought it for 15-20 years ago, and less than what is still owed. Someone suggested a 'quit-claim' deed transaction, but the bank says they do not allow this, not sure if there are other options with that. Another thought we had was just to let it foreclose, but we don't want it to affect our individual credit ratings - if the loan and deed are still set as above, would forecloseure affect us or not? Any other ideas besides these that would allow us to dump the albatross? Many thanks, complex situation...

**A: what happened in probate?