QUESTION
What are our rights if we inherited an owner financed home?
Asked on Mar 08th, 2017 on Estate Planning - Ohio
More details to this question:
My father has recently passed away. He had no will. He had a land contract with a couple and now we are in a bind. Their lawyer wants us to just sign the house back over to them. He purchased the house for $65,000 at 8% interest. So far, he has paid them $103,000 total, with interest and $30,000 in principal. He owes $35,000. We offered a settlement to sign the house back to them, but they didn't accept.
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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First issue is: Do you want the house? Or do you want the equity (cash) that your father built up? If you want the house, you can refinance it or continue to pay them on the land contract (probably, you need to have an attorney look at the land contract for you).If you want the money, you can sell the house, pay off the current holder and you clear the difference.
Answered on Jun 01st, 2017 at 6:37 AM