James- I’m not an attorney, so make sure you run everything through one after you all have decided on what you want to do.
Have you approached the family member yet to buy their interest with a quit claim deed? If you are going to keep the properties for yourself to owner-occupy you could consider getting a purchase loan to pay off everything if the loan to value is not too high. It looked like one was paid in full and the other could cash out all of the debt at about 65%LTV which you should be able to arrange easily. Right now it seems to me that the way to go to get what you want is for you three to buy the property from the estate with a quit claim deed from the fourth non-wanting family member to dissolve her interest. You need to run this by her to see what it is she needs to give up her claim and if she tells you a lump sum of cash, see if she can take some now with the rest later. To be on the safe side run everything through an attorney to make sure all estate type laws are met in your state.
As heirs you could freely take over the existing property loans even with a due on sale clause as allowed under Garn-St.Germain if they have a good rate. Then you just need to deal with the other creditors. Give them a call to see what can be arranged.
How to buy out co-heirs - Posted by James Fitterer
Posted by James Fitterer on October 19, 2000 at 19:00:51:
I am looking for anyone out there who would be kind enough to give me some help or advice on the following: my mother passed away july 25 2000 she had a self-proven will that myself and my sister filed at the court house. My sister was named excutor of the will and was sworn in the day it was filed. the will was very simple,stating the proberty is to be sold,all debt paid and devided between four heirs.the one i live in for 17yrs is paided for and is taxed at 28,000 consisting of 4rooms 2car garage,1 bathroom,half-basement.It needs work and i already have most of the material that i payed for myself. the other home is a 2story brick with 10,660 owed at the bank.It has 6rms,full basement is taxed at 59,900.It needs some work and i have materials bought for it as well.Bsides whats owed on one house,there is about 30,000 aditonal in debts from credit cards etc totaling at 40,660. I have 18yrs experience in hud-mataince and constuction.three of us want to keep it,one does not.how can we three buy whats ours,after debts paided? Can we do this with no money down? Can anyone help us three with any advise for me to keep our chidhood homes and use this great oppertunity to start our own proberty buieness?My e-mail address is fittzfamily@zoomtown.com or fittz61@hotmail.com
James- I’m not an attorney, so make sure you run everything through one after you all have decided on what you want to do.
Have you approached the family member yet to buy their interest with a quit claim deed? If you are going to keep the properties for yourself to owner-occupy you could consider getting a purchase loan to pay off everything if the loan to value is not too high. It looked like one was paid in full and the other could cash out all of the debt at about 65%LTV which you should be able to arrange easily. Right now it seems to me that the way to go to get what you want is for you three to buy the property from the estate with a quit claim deed from the fourth non-wanting family member to dissolve her interest. You need to run this by her to see what it is she needs to give up her claim and if she tells you a lump sum of cash, see if she can take some now with the rest later. To be on the safe side run everything through an attorney to make sure all estate type laws are met in your state.
As heirs you could freely take over the existing property loans even with a due on sale clause as allowed under Garn-St.Germain if they have a good rate. Then you just need to deal with the other creditors. Give them a call to see what can be arranged. I would head over to creditinfocenter.com to see exactly what claims the creditors could have on your Mom’s estate.