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Condo Inheritance Ohio

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TN Guest	Posted: Wed Apr 27, 2011 11:50 pm    Post subject: Condo Inheritance Ohio Like 0 Dislike 0 I inherited, from my sister, some money and a condo that is close to being underwater, plus a high condo fee. Am I obligated to take this mortgage and condo fee over? Or can I turn it back over to the bank? I am retired and do not want to risk my finances by getting stuck with this property which I didn't ask for.
Guest	Posted: Thu Apr 28, 2011 8:40 am    Post subject: Like 0 Dislike 0 You are the beneficiary so you are now the property owner. Can you make even on the rent, if rented out? Have you contacted the bank yet? Are you able to assume the loan without penalty from the current lender? Best to work with the bank and try to rent for the highest you can. Good Luck!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Apr 28, 2011 7:40 pm    Post subject: Like 0 Dislike 0 Hi TN! Welcome to forums! If the condo is transferred to you, then you will be responsible for the condo fees. However, unless you refinance the mortgage in your name, you won't be responsible for paying the mortgage dues. You can let the lender foreclose the property. It won't have a negative affect on your credit or finances as you're not responsible for the mortgage. Feel free to ask if you've further queries. Sussane

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