wife will inherit house - Posted by Len-Oh

Posted by dewCO on December 03, 2000 at 19:49:27:

Better get the details on the city loan too. You may not need to pay them off… Read the paper work with each FIRST.

wife will inherit house - Posted by Len-Oh

Posted by Len-Oh on December 03, 2000 at 14:50:17:

My wife’s sister just passed and my wife will get the old homestead which has been made into a duplex. The upper gets $400 a month and I’m sure the lower could get $600 a month easily. The problem- home equity loan of about $23k (going to lawyer next week for details) and the city has a recently gotten rental rehab loan for $25k, which they want back now.
House appraised for $100k within the past year(city rehab).
How do we get the $ to pay these off and keep the home? All I can think of right now is a 65% ltv, then in a couple years, when my financial position is better, go for a regular loan.
What am I missing or what else could/should I do?
Thanx, Len

Re: wife will inherit house - Posted by Len-Oh

Posted by Len-Oh on December 04, 2000 at 19:42:03:

Thanks for the comments and help. We will be looking at the contracts the end of the week.

Garn St. Germain - Posted by Bud Branstetter

Posted by Bud Branstetter on December 03, 2000 at 22:03:36:

http://law2.house.gov/uscode-cgi/fastweb.exe?getdoc+uscview+t09t12+4623+0++%
US Code 12-13-1701j-3
"(5) a transfer to a relative resulting from the death of a borrower;"

They may not have the right to require immediate repayment if payments are kept up.

Re: wife will inherit house - Posted by emschool

Posted by emschool on December 03, 2000 at 20:30:58:

Take a close look at that rehab loan. I’m in Ohio and the one’s I’ve seen are canceled upon the death of the borrower.