QUESTION
What happens if my grandfather dies and my parents can't pay his home payment?
Asked on Oct 08th, 2012 on Estate Planning - California
More details to this question:
He willed it to my mother, she can't make the payments. She talked to a real estate person, who said it would sell quickly. What can she do?
4 ANSWERS
If they are set to inherit a property that they can not afford to keep, then they should make plans to sell it during probate. You should consult a probate attorney about how to proceed.
Answered on Oct 11th, 2012 at 1:53 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If your mother inherits real estate and cannot afford to keep it, then she should sell it. Also consider renting it out (if the rent will be sufficient).
Answered on Oct 09th, 2012 at 6:33 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Look at the potential of a reverse mortgage; may save the home and pay your parents/grandfather something or the course of their lives from the equity. Otherwise the bank will foreclose for lack of payment if the house does not sell, despite the glowing report of the realtor. Talk only to a specialist loan officer and shop with different lenders as pricing varies, when consulting for a reverse mortgage.
Answered on Oct 09th, 2012 at 5:18 PM
Shadi Ala'i AlaiShaffer
If she can't pay and no one else can and if it cannot be rented/leased then she should sell. I would however get a consult from a trust attorney before making any decisions.
Answered on Oct 09th, 2012 at 5:17 PM