What to do if my mother left her condo to me that has a second mortgage on it?

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What to do if my mother left her condo to me that has a second mortgage on it?

It is for less than the value of the condo but more than the total annuity. She also had annuity with a death benefit to be split between my 2 sibling and I. Will we have to forfeit the annuity benefit to satisfy the mortgage? Even if I sell? I was hoping to use my share of the annuity to satisfy the mortgage and condo fees until it is sold, is that possible or is the annuity benefit part of the estate? And if so does that require any other debts be paid (including mortgage) before my siblings even get their share?

Asked on January 29, 2014 under Estate Planning, Kentucky

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You take the condominium subject to the first and  second mortgage in place which you would have to service. You are entitled to 1/3 of the annuity from what you have written which can be used to pay down the second mortgage on it as well as the first. I suggest that you consult further with a Wills and trust attorney about the matter where you may be forced to sell the parcel you inherited.


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