Dec

19

my mother left her house and morgage to me and my daughter. How do i go about selling this house?

Filed Under Renting & Real Estate 

morgage
tonya asked:


Coming to you from North Carolina. My mother passed away this January. She left everything to my daughter and myself. She had a large mortgage that I am unable to pay. A friend has ask me to sell him the house but I don’t know if I can with my child being involved.

JONATHAN

Comments

4 Responses to “my mother left her house and morgage to me and my daughter. How do i go about selling this house?”

  1. chatsplas on December 23rd, 2009 3:57 am

    SURE, as you are the legal guardian of your daughter (she is a minor?). Take her share of sale proceeds and buy her some college bonds or savings bonds.
    PAY for an appraisal or get market appraisal from realtors so you know if the price from your friend is realistic. Get a contract to sell real estate from stationery or office supply store or online.
    CONSULT an attorney (first consultation cheap or free) BEFORE doing anything.
    Consider your options. Could you afford mortgage if you moved in and rented out part of house?

  2. David Z on December 23rd, 2009 1:06 pm

    lender will forelcose. do not worry.

  3. MadMan on December 24th, 2009 7:43 am

    Sorry for your loss. The mortgage is not transferable to you so needs to be paid off immediately. If you can afford a new mortgage, you can refinance the house, otherwise it will be sold, along with all your late mother’s possessions, to pay off the mortgage. This is true with any debts your mother might have had. All this should be sorted out through the probate process. If there is not enough in the estate to pay all the debts, including the mortgage, the creditors will have to take the loss on the debts.

  4. Doctor Deth on December 26th, 2009 7:34 am

    she can;t leave a mortgage to you - you have to sell the house and pay off the mortgage - what does your child have to do with selling the house? - did you ever talk to a lawyer about the estate? talk to a real estate agent about selling it - if there is no equity in the house, you’re probably better off, turning it over to the bank - the mortgage debt is not your problem or responsibility

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