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

UPDATED: Oct 16, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption