What are my options concerninga house that my sister andI inherited but which is”under water”?

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What are my options concerninga house that my sister andI inherited but which is”under water”?

We were willed a house that has more mortgage on it than the market will bear so selling is not an option. My sister wants to live there and is. I believe that there are illegal activities happening there sIo Ijust want out. Am i responsible for what happens in/to the house if it was willed 50% to me, even if I don’t live there? Can I just sign a paper stating that I don’t want anything to do with it and be done? My sister is on welfare so she cannot do a buy out. I am on disability so my finances are very limited so any detailed advice you can give me would be very appreciated. Thank you

Asked on March 18, 2011 under Real Estate Law, North Carolina

Answers:

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

Answered 10 years ago | Contributor

I am so sorry for your loss and for your situation.  May I ask: has the property already been transferred to both of you?  If it has yet to be transferred you can refuse the inheritance and then ask that the property go to your Sister alone.  Then the deed would go in to her name.  If it has already been transferred then you will need to do another transfer from the two of you to just your sister.  The most important part is to make sure that the deed is filed (recorded) in the county clerk's office.  You should get some help with this legally as well as from an accountant.  Good luck to you.


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