shineontime
Junior Member
What is the name of your state? Wisconsin
I am wondering what the best possible outcome of this situation is.
My mother passed away recently and left a house with a mortgage of $41,260 that is worth at most $30,000, a house with a $20,640 mortgage that is worth between a possible $40 and $60,000 (fair market value), or $20-$30,000 inspected, that we are currently inhabiting, and 11 acres of undelineated country property that was received as a portion of her mothers estate.
She also had four different credit card that equal out to be about $20,000.
She had no life insurance, no credit insurance, no insurance besides car insurance, and insurance on our house.
We had entered a land contract a couple of years ago for $64,000. While going through the process we realized that the house appraisal which was gotten by my father in the divorce who was friends with the appraiser, was quite high, especially in light that she had since sold half of the acreage of the property. I don’t know why she did this, but when I brought the issue up to her she agreed that the amount was insanely high and we decided that it would be renegotiated, and in the end we would pay between 20,000 and $30,000 in light of all of the renovations that it needed. (Which would average between $70 to $100,000). Because we are all poor, we couldn’t afford to pay another $500 to revise the contract, and my mother told me that when it came time for the balloon payment she would either refund the amount to me personally, or revise it then. Unfortunatly, she didn’t make it and we are stuck with a land contract that I feel is completely unjust. I have searched it over and cannot find anything that states what should happen in the case of her death.
We were hoping to be able to just take over the mortgage of this house and drop the contract, but I don’t know what would happen to the brick house next door. My older sister, who is the administrator (no will) is pressuring me into taking 1/3 to ½ of the mortgage off of the other house onto my own so that the bank will be happy and not go after the country property. We have already paid $12,000 into this house, plus $7,000 out of pocket renovations, I do not feel that taking part of the other mortgage would be fair, we don’t want to live in this dump forever and taking a portion like that takes away from our future house payment that we would make from selling this house. I am not interested in staying here if we have to take that other mortgage and end up in the hole because of it.
Are we stuck in the land contract regardless of what we want to do?
Can we take over just our mortgage if we wanted to and step back from the other?
Can the bank go after the undelineated property?
My sister is very adamant that the country property not be lost to creditors. I am adamant that I not get stuck with a house that I have to pay more than I will ever be able to sell it for.
What is the best possible scenario to look forward to here? Are there any loop holes to find in this situation?
Can we ask any of the creditors to take a certain dollar amount on the value?
Do we have to respect all the creditors? Can we just tell the credit card companies to go away?
I am wondering what the best possible outcome of this situation is.
My mother passed away recently and left a house with a mortgage of $41,260 that is worth at most $30,000, a house with a $20,640 mortgage that is worth between a possible $40 and $60,000 (fair market value), or $20-$30,000 inspected, that we are currently inhabiting, and 11 acres of undelineated country property that was received as a portion of her mothers estate.
She also had four different credit card that equal out to be about $20,000.
She had no life insurance, no credit insurance, no insurance besides car insurance, and insurance on our house.
We had entered a land contract a couple of years ago for $64,000. While going through the process we realized that the house appraisal which was gotten by my father in the divorce who was friends with the appraiser, was quite high, especially in light that she had since sold half of the acreage of the property. I don’t know why she did this, but when I brought the issue up to her she agreed that the amount was insanely high and we decided that it would be renegotiated, and in the end we would pay between 20,000 and $30,000 in light of all of the renovations that it needed. (Which would average between $70 to $100,000). Because we are all poor, we couldn’t afford to pay another $500 to revise the contract, and my mother told me that when it came time for the balloon payment she would either refund the amount to me personally, or revise it then. Unfortunatly, she didn’t make it and we are stuck with a land contract that I feel is completely unjust. I have searched it over and cannot find anything that states what should happen in the case of her death.
We were hoping to be able to just take over the mortgage of this house and drop the contract, but I don’t know what would happen to the brick house next door. My older sister, who is the administrator (no will) is pressuring me into taking 1/3 to ½ of the mortgage off of the other house onto my own so that the bank will be happy and not go after the country property. We have already paid $12,000 into this house, plus $7,000 out of pocket renovations, I do not feel that taking part of the other mortgage would be fair, we don’t want to live in this dump forever and taking a portion like that takes away from our future house payment that we would make from selling this house. I am not interested in staying here if we have to take that other mortgage and end up in the hole because of it.
Are we stuck in the land contract regardless of what we want to do?
Can we take over just our mortgage if we wanted to and step back from the other?
Can the bank go after the undelineated property?
My sister is very adamant that the country property not be lost to creditors. I am adamant that I not get stuck with a house that I have to pay more than I will ever be able to sell it for.
What is the best possible scenario to look forward to here? Are there any loop holes to find in this situation?
Can we ask any of the creditors to take a certain dollar amount on the value?
Do we have to respect all the creditors? Can we just tell the credit card companies to go away?