How can I get taxes for a home that I inherited out of my name and stop insurance impounds for home that is underwater?

3 years ago, the home was appraised at $340,000 and approximately $230,000 was owed on the first and 2nd mortgages. The probate attorney put the taxes in my name at that time but I was not able to sell the house. It is rented for less than the mortgagepayments. The house is now valued at $130,000 and about $215,000 is still owed on the mortgages. The probate attorney says to have it foreclosed on. But how do I get the taxes out of my name and stop the insurance in the impounds? A short sale is not an option now.

Asked on October 16, 2011 under Estate Planning, Nevada

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Most likely you will be unable to have the tax statements and bills taken out of your name as well as the insurance on the impound account with the lender on the home. The reason is that when title was transferred to you via the probate order apparently the lender on the existing loan at the time of the death of the person who passed away and from whom you inherited the home from agreed to let you assume the loan on the property secured by a recoreded mortgage upon it.

I suggest that you have a meeting with the probate attorney who handled the transfer of this property into your name to have any further questions that you may have answered. If you do not want this property, perhaps you signing a deed in lieu of foreclosure to the holder of the first mortgage is an option.


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