What can be done about inherited property that has been liened and is in need of repair?
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What can be done about inherited property that has been liened and is in need of repair?
My mother in-law died 15 years ago. My husband’s sister lived in the home and paid the mortgage and taxes. Now she has moved out and left the home abandoned with back taxes and a mortgage lien. My husband wants to keep the home, but it would require paying the foregoing amounts as well as and fixing the home. Since he is the only sibling out of 7 that can financially contribute, can the other siblings sign over their part to the home? 1 sibling is mentally challenged and has been in a group home most of his life. My husband would like to refinance to get enough money to pay taxes and repair the home. Any other options?
Asked on March 29, 2011 under Estate Planning, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
So your mother in law died fifteen years ago and the home is now conceivably owned by all 7 siblings. If so, then each has a 1/7 share in the property and would absolutely need to be paid to sign over their part to the home. Most probably expect payment immediately before signing over the his or her share of the property so talk to your husband about considering the equity in it currently, whether the surrounding homes show this home can bear the expense and still be profitable and whether or not all will sign over. The one who is mentally challenged, doe he have a guardian or someone who is responsible for any legal documents he must sign? If so, you may wish to consider getting a third party involved (a lawyer) to do the arm's length negotiations with the siblings.
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