QUESTION

My father died without a Will.$55000 still owed on the house.my sister wants to buy me out of my share but but expects me to pay half the mortgage??

Asked on Aug 25th, 2020 on Wills and Probate - Virginia
More details to this question:
The house is apraised at $94000...my sister agreed to buy my share of the house at $46250 but expects me to pay off half the mortgage that is left, while she gets to keep the house...
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1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
It sounds as though you know the answer.  Each of you inherits less the mortgage.  She pays you half of $94000 less $55000 and continues to make mortgage payments -- if the lender will accept her credit.  If not, she has six months after appointment as executor or administrator to sell the house before the lender has the right to foreclose.
Answered on Aug 26th, 2020 at 5:06 AM

This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.

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