questionforall
Member
What is the name of your state (only U.S. law)? CT'
Mother's home is in Probate. There is a balance on the mortgage of less than 40,000. Market eval was done and was 145,000. Owes about 20,000 in debt credit card, hospital bills. The only funds in probate come from the home. So either I buy the house or it will be sold to pay off the mortgage and debt. There are 4 children involved which means the remaining 80,000 gets split 4 ways. I will be vested in the home with my 20,000, would need to finance the rest of the buyout for the others which would be 60,000. My mom left insurance money and 401K directly to me as benificiary so I could potentially use that to pay of the mortgage and debt, so I would only need to finance 60,000 right?
I also have my own home which I have some equity. I was offered a refinacne giving me $20,000 but that leaves me with needing to find 40,000
Before I jump and do the refinacne I asked about possibly just getting a laon to purchase my mother's home outright for that 60,000. I was told If you do a purchase loan on your mother's home you are going to have to give up inheritance rights and not be put on title of the home.
For example:
If the home is worth say $120,000 and you have 2 siblings, then you can buy the home from
them for $80,000. However, depending on the balance of the mortgage on the home remember the current mortgage has to be paid off. This can be a very difficult thing to do. Keep me updated on what happens.
I don't understand how I would loose my inheretence rights and what the loan officer meant by that so I asked and was told:
If you are on title of a home, you have ownership in it, therefore you can't purchase it, i.e. do a purchase loan for it.
Once probate transfers ownership to you after debts are paid off, where are you going to get the cash to buy out your siblings? You need to be on title 12 months to do that. A purchase loan doesn't get cash out for you.
But I am NOT on the title of the home so couldn't I purchase it using my inherited 20,000 (on paper I would not have to buy that portion out so essentially that drops the proce by 20,000? I am so confused. How does one go about purchasing an estate home in probabte?
Mother's home is in Probate. There is a balance on the mortgage of less than 40,000. Market eval was done and was 145,000. Owes about 20,000 in debt credit card, hospital bills. The only funds in probate come from the home. So either I buy the house or it will be sold to pay off the mortgage and debt. There are 4 children involved which means the remaining 80,000 gets split 4 ways. I will be vested in the home with my 20,000, would need to finance the rest of the buyout for the others which would be 60,000. My mom left insurance money and 401K directly to me as benificiary so I could potentially use that to pay of the mortgage and debt, so I would only need to finance 60,000 right?
I also have my own home which I have some equity. I was offered a refinacne giving me $20,000 but that leaves me with needing to find 40,000
Before I jump and do the refinacne I asked about possibly just getting a laon to purchase my mother's home outright for that 60,000. I was told If you do a purchase loan on your mother's home you are going to have to give up inheritance rights and not be put on title of the home.
For example:
If the home is worth say $120,000 and you have 2 siblings, then you can buy the home from
them for $80,000. However, depending on the balance of the mortgage on the home remember the current mortgage has to be paid off. This can be a very difficult thing to do. Keep me updated on what happens.
I don't understand how I would loose my inheretence rights and what the loan officer meant by that so I asked and was told:
If you are on title of a home, you have ownership in it, therefore you can't purchase it, i.e. do a purchase loan for it.
Once probate transfers ownership to you after debts are paid off, where are you going to get the cash to buy out your siblings? You need to be on title 12 months to do that. A purchase loan doesn't get cash out for you.
But I am NOT on the title of the home so couldn't I purchase it using my inherited 20,000 (on paper I would not have to buy that portion out so essentially that drops the proce by 20,000? I am so confused. How does one go about purchasing an estate home in probabte?