He says he wants to leave it to me, but I dont want the $200K debt:
how can i avoid the debt? Can I buy the house from him for $100K? what would happen if he has those home bills left when he passes?
2007-08-18 08:20:11 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
the home is worth about 256K. I think I would want to keep the condo, it in a good neighborhood in vegas.
2007-08-18 08:41:14 · update #1
lol, well...
First of all, we dont know the appraised value of the house, the market its in or the condition or the size.
It may be worth $500,000, but...with the info you have provided, there is no way to give you an answer.
2007-08-18 08:25:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If, and when the house is pasased to you, sell it. You could also simply refuse it and it will go back to the finance company or bank that the mortgage is from. You do not have to accept the debts of a family member, but if you accept a house with payments owed, you do accept such a debt.
2007-08-18 08:36:05 · answer #2 · answered by fangtaiyang 7 · 1⤊ 0⤋
First you can't buy the house for $100K if he owes $200 on it. But your relative can take out insurance so when he dies the prop will be payed for and you end up with a free and clear house.
2007-08-18 10:26:59 · answer #3 · answered by Leo F 4 · 0⤊ 0⤋
if a person owes money on a house when they die, unless you can come up with the money or make other arrangements with the lender to pay for it, the house would have to be sold by the dead persons estate to pay for the loan. that would go for any other bills outstanding they may have too if there is no cash to pay those bills. then if there's any money left and was willed to you then you would get it.
2007-08-18 08:28:38 · answer #4 · answered by george 2 6 · 0⤊ 0⤋
Are you assuming that he's going to be passing on very soon? If he leaves you the house and you don't want the debt, sell it. Doesn't he have life insurance? If he does, does he have enough to cover all his debts? If you don't the debt and there will be no funds to cover the debt, then politely say no thanks.
2007-08-18 08:25:21 · answer #5 · answered by Ollie's Mommy 3 · 0⤊ 0⤋
Sell it, pay his bills with the profit and keep the rest. It will probably be worth more than $200,000 when he passes.
2007-08-18 08:30:49 · answer #6 · answered by ? 4 · 0⤊ 0⤋
What is the home worth? If it's worth more than 200k then you can sell it, rent it, or encumber it.
2007-08-18 08:26:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
whilst the 1st TD lender forecloses on a factors, the 2d TD lender the two will pay off the 1st to guard their investment or is wiped out, dropping the performed quantity owed them. whilst the 1st TD lender forecloses all lien holders on the returned of the 1st, diverse than factors taxes, are wiped out.
2016-12-13 11:38:11 · answer #8 · answered by ? 4 · 0⤊ 0⤋
You can't sell something you don't own...
2007-08-18 08:26:01 · answer #9 · answered by Anonymous · 0⤊ 2⤋