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  1. #1
    Join Date
    May 2013

    Default How to Buy Property from Co-Owners of Jointly Inherited Property

    My question involves real estate located in the State of: New York. I'm not very good with legal things and definately plan on involving an attorney but was just trying to get an idea of what to expect. My father recently passed away and the will leaves my mom 50% of the house and the other 50% is divided between myself and 3 siblings... Which is how it will appear on the deed. My mom has decided she no longer needs a large house nor can she afford the mortgage. She is willing to walk away without being "bought out". I have decided I would like the house so have come into an agreement with 2 of my siblings to pay $10,000 each to buy their interest. The third sibling will be living in the house and his name will remain on the deed. The mortgage to the house is only in my father (now deceased) name. My moms credit is horrible and she has several liens on the title. Where do we go from here? If I take out a mortgage for the remainder of the home with the lien amount, finances would be too close. Can the mortgage stay in my fathers name and I continue to pay it? Can I get notarized letters saying I bought out my siblings? Can I take them off the deed and leave my mom on because of the liens? Is there anyway to get around the liens? Any info would be great ... This should have been planned long ago but my father was only 58 so it was quite unexpected

  2. #2
    Join Date
    Sep 2011

    Default Re: Eliminating People Off of a Deed

    Generally, a mortgage can be assumed if payments and taxes are kept up to date. Removing people from the deed may be a problem. The liens may need to be settled before anything can commence.

  3. #3
    Join Date
    Sep 2010

    Default Re: How to Buy Property from Co-Owners of Jointly Inherited Property

    You should get a LAWYER involved. Notarized letters will do squat. Ownership is transferred by deed. You can have everybody (including your mother) deed you property with the liens in place. Deeds will not do anything with respect to the liens. If you want the liens cleared, mom is going to have to pay the debts involved or a lawyer will have to find out that they were improperly placed (though this is unlikely). As far as the mortgage, that's up to the bank. Up to now, they were enjoined from calling the loan because of the inheritance transfers, but once the siblings sell to you, it isn't protected. Still, banks these days are pretty disinclined from acting (especially on a higher rate mortgage) from calling notes that are being paid up to date.

    Now the real problem is if you *EVER* want to sell or even refinance (whether forced to by the loan being called or just because you want better terms), you will not be able to do so with mom's liens still in place. These are going to have to be dealt with and there is no shenanigan you're going to do with letters, deeds, etc... that will make them go away.

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