If my mother left her home to my 2 sisters and 2 of us want to buy outw sister, what type of loan or mortgage can we take to do this?

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If my mother left her home to my 2 sisters and 2 of us want to buy outw sister, what type of loan or mortgage can we take to do this?

My older sister wish to buy us out. How should we go about doing this? I cannot obtain or co-sign for any due to any unfortunate circumstances. Is there any type of loan, program that will allow her to get on her own to pay me (and other sister) off?

Asked on January 23, 2012 under Estate Planning, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for your loss. I am a little confused here.  I can understand that your credit can be less than perfect - it has happened to alot of us in this economy - but you do not need to co-sign anything as the seller of the estate unless you wish to. It is your older sisters obligation to obtain a mortgage for the property and buy you out. You could act as a bank and hold the mortgage but I would not advise doing that unless you speak with an attorney.  It could sour your relationship.  Good luck.


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