Question
Can u tell me what I need to do when I inherited my parents home?
My parents died just two weeks apart. I am the heir on the house deed. There is no mortgage payment, my parents owned the house. What can I expect? Is there a fee for getting the deed in my name? I know I pay yearly taxes, but are there additional taxes since I acquired the home due to death of parents? I have student loans, and a little debt (repossed vehicle about 5 yrs ago, and a couple of credits). I am really worried about them student loans..Can they put a lien against my house? Should I put the house in someone elses name? What if I put it in my childs name she is 4. I dont trust her father, we have been together for 16 yrs BUT you never know..I realize the smartest thing to probably do is get my student loans back in good standing and start making monthly payments. BUT damn, is there a way around this? Is there anything else I need to b aware of?
5 months ago - 4 answers
Best Answer
Chosen by Asker
Don't put any house in the name of a minor...ever. Because we never know how our kids will turn out...if you do, and if your kid turns 18 and gets an attitude, they own the house and can sell it or even kick you out of it...and there isn't jack you can do about it. Her father has no claim to the house....it's your parents, not his. You need to contact a local attorney to find out what the probate system in your state is...which is usually a year. At that time, the proeprty will become yours, ASSUMING you have no other siblings. No, there is no way around it. In many, many years of working with loans and real estate and thousands of credit reports/title work, I have NEVER seen a defaulted student loan on a house...however, you can never bankrupt them..so you HAVE to pay them.
5 months ago
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Other Answers
The estate will be taxed prior to the house being turned over to you. To change the deed to your name most likely will entail some fees since State and Counties have starting imposing registration fees. You cannot put the house in a minor's name. Yes a lien will go against the property for the student loans. No you cannot avoid your past. Get your financial life in order. Otherwise sell the house, pay off your debts and invest the remainder.
by sassy2- 5 months ago
You simply need to get this probated, a probate attorney will do this. You may need to sell the house, or at least get a loan for it, if your parents have any outstading debt it has to be paid before the house is yours. And yes, expect a lien within a month, but you could have the new house mortgage pay those off and have them done with.
by Landlord- 5 months ago
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by Joy- 5 months ago