purchasing home of deceased parent

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deeann

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Post Posted: Mon Oct 29, 2007 10:47 am    Post subject: purchasing home of deceased parent
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here is my problem, my father and stepmother recently passed away, there are 3 natural children of my dads and 4 children from my step mother. my sister and 1 step sister are co trustees of the trust my father set up. my sister wants me to purchase the home that my dad lived in when he died, there is still $51k remaining on the loan, the house was recently appraised for $178k, if it goes on the market it will not sell for this price. she states that if I can get a mortgage for the remaining bal plus the step/natural sibling 80%. How would I go about getting a mortgage for $ 143,320.00 to pay off mortgage and other interests in the house ?
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Icon Mini Profile kpatrick
kpatrick


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Post Posted: Mon Oct 29, 2007 7:14 pm    Post subject:
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Hi Deann,

It would be structured as any other purchase would be, the estate would get the profit and that would pay off the debts and the mortgage, you would, in turn get a home with 20% eequity built in. Sounds like a good deal, provided you are in the market to buy a home.

Cheers,
Kim
Mark

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Post Posted: Tue Oct 30, 2007 1:02 am    Post subject:
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Is the mortgage in your father's name?

You may think of a cash out refinance.
The extra cash that you will receive will help you to pay off the other interest.

You have to talk to your lender about this.
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Post Posted: Tue Oct 30, 2007 7:20 am    Post subject:
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yes, the mortgage is in my fathers/stepmothers name also named on the title is in the trust of.
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M Gary

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Post Posted: Tue Oct 30, 2007 11:56 pm    Post subject:
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Refinance will be the option to you.
Icon Mini Profile jenkin7
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Post Posted: Thu Nov 01, 2007 5:17 am    Post subject:
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Hello Kim,

Welcome to the forums.

Your suggestions are really helpful and are able to solve people's problem.

Hope you will enjoy coming to the forums. Smile
Icon Mini Profile kpatrick
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Joined: 29 Oct 2007

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Post Posted: Fri Nov 09, 2007 1:55 pm    Post subject:
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Thanks Jenkin7,

Had some problems with my login, and that is why I disappeared...but all is well now!

Thanks for the warm welcome!

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darlene

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Post Posted: Fri Apr 08, 2011 9:12 am    Post subject: change home to childs name
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give home to son so that in 3 years you will need medicaid and it will take
care of me.
Icon Mini Profile adonis
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Post Posted: Fri Apr 08, 2011 11:10 pm    Post subject:
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Welcome darlene,

You can sign a quitclaim deed and transfer the property to your son. You should contact a real estate attorney and he will be the best to help you in this matter.

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