QUESTION
Is there any way to keep our fathers home.
Asked on Aug 19th, 2014 on Wills and Probate - California
More details to this question:
Hello I am wondering if there is a possibility we can prop 58 parent to child transfer for my father house who has passed away . Their are five heir's, two of them want to buy the house together or transfer the loan, is it possible legally? If so are there any options available to pay the other heirs, probate, and other fees; can we possibly refinance the house under the family name to pay those debts? The house is in probate because my father died with out a will, I can afford to pay the mortgage payments, I am also Administer of the estate and one of the heirs. -brenda
1 ANSWER
It is possible but needs to be done very carefully. I am doing this exact type of transaction now in a probate case. The estate needs to borrow enough money, if not enough other assets, so that the equity in the house and other assets gets distributed equally. You should work with a very experienced probate attorney on this.
Answered on Aug 19th, 2014 at 12:20 PM