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Inherited Condo - Options?
Kamiro
Registered User regular
Registered User regular
My sister and I inherited our mom's condo recently.
Renting it out is basically out of the question as the mortage payment plus condo fee is about $400 more than the renting prices in the building and I'm not particularly interested in becoming a landlord (I'm the only one in the area).
Selling it is tough because there is still enough left on the mortgage that we'd maybe get 10k on it and that's before closing costs, realtor fees, etc.
Another option is to go into the type of foreclosure where you basically just hand the keys to the bank. But we're still trying to figure out the details on that.
We're talking with a lawyer soon. But has anyone been through this process before or have done something similar?
We basically just want to not have to deal with the condo anymore in the most painless way possible.
Renting it out is basically out of the question as the mortage payment plus condo fee is about $400 more than the renting prices in the building and I'm not particularly interested in becoming a landlord (I'm the only one in the area).
Selling it is tough because there is still enough left on the mortgage that we'd maybe get 10k on it and that's before closing costs, realtor fees, etc.
Another option is to go into the type of foreclosure where you basically just hand the keys to the bank. But we're still trying to figure out the details on that.
We're talking with a lawyer soon. But has anyone been through this process before or have done something similar?
We basically just want to not have to deal with the condo anymore in the most painless way possible.
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Also keep in mind that the equity could be considered "income." Not sure how that works.
Yeah you can disclaim parts of inheritance IIRC. It'd just pass on to the next beneficiary.
If you don't want the house and don't think it'll get much in a sale, you can probably just refuse it (and it might be better). If she left you 20 grand and the house, you can disclaim the house and take the $20,000 for instance. Lawyers though, they're worth it.
the estate will sell the house and pay for any losses
we also talk about other random shit and clown upon each other
You may be on the hook for that debt and losses since you accepted money form the estate (retirement account, unless it's an old pension that has special rules, lawyer will clarify that one). They typically tally up debt and use the assets to pay it off, then whatever is left over gets given to the beneficiaries.
Life insurance should not be part of the estate since it's paid directly to the beneficiaries (and is income itself), so, don't let anyone con you into giving them any of that money. You don't have to pay debt, or anything with it.
well then you better hope the life insurance is enough to cover the condo and the credit cards
that's how it works
why your lawyer paid out the retirement money without resolving the house with the massive mortgage is unknown to me
the estate is a balance sheet and it must reach $0 before business is concluded
if it's below $0, then someone's not getting their full inheritance
we also talk about other random shit and clown upon each other
So if it's made out to Jane Doe, and not Jane Doe Mom's Estate, you should be in the clear for 100% of it. Typical thing creditors like to do is call these families that got huge pensions and life insurances where the beneficiary isn't the estate, and try to get them to pay off the debt.