What is the best course of action for getting rid of an inherited home that’s more trouble than its worth?

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What is the best course of action for getting rid of an inherited home that’s more trouble than its worth?

My brother and I inherited our father’s home after he passed away 7 years ago. Loan on home is an ARM at 12.9%. Lots of problems with the home and can’t refinance. Brother was aware of this and coerced me into taking over as sole executor of property in question. Since then, have been paying lender for the mortgage via renting home. Mortage is still under father’s name with me as c/o. According to lender, I have no rights to change loan. Home is not on credit report and considering short sale or foreclosure. I am a homemaker and do not live in same state as home. What should I do?

Asked on June 11, 2012 under Real Estate Law, Louisiana

Answers:

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

Answered 9 years ago | Contributor

I am so sorry for your loss and for the situation.  I am a little confused about the status of the matter and becuase of that giving guidance on what you need to do.  What do you mean that you are the "sole executor" over the proeprty?  Is the estate still in probate?  Was ther a deed transfer?  How can you be listed as co-owner?  With whom?  Was this an ancillary probate meaning that Mopm's estate was probated in one state and the property is in another?  If you are the executor of the estate then you can do what is necessary for the benefit of the estate but I would not consider anything until you speak with an attorney if your name is on the property.  Why the lender says you have no rights worries me. If you do a short sale or a deed in lieu of foreclosure you need to make sure that the lender waives the deficiency.  Get help.  Good luck. 


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