All Forum Posts by: Andrew Jones

My uncle got a loan from Road home after hurricane Katrina. There were a set of stipulations to the money, things like letting renters live in each side for a certain price per month, making the house livable, etc. He did not meet any of the stipulations. In 2015 the house was purchased at a tax auction and my sister and I have the money to pay for it during the right of redemption period. The only thing is that we don't know how Road Home will get their money back being as he broke the loan agreement. Will they go after him personally or will they place a lien on the house to sell it? 

Sorry, I was vague. He has been working on the house very slowly for the time he has had it. He has added a hvac unit, renovated one side completely, and had the house painted. Aside from a small roof issue the house sustained no damage during Katrina. He just doesn't want to deal with it anymore. All of the values I saw were on Zillow, BofA, and Trulia. But the value on NOLA Assessor is 170k. Definitely not a full gut. Just 2 bathroom renovations, updates to 2 kitchens, and removing the paneling on one side.

WOW! Thank you for the information! I had never even heard of an occupant cash pull out or Property Tax Re-Assessment. Time to do some research. Also, there is no mortgage on the home l. She purchased the house back in the 60's.

I just have one more question. Can he transfer the house to us with the taxes still being owed? The thinking being that he can move at a very slow pace so if the house were in our names we could get the ball rolling at move at a rate that matches our timeline.

Let me start off by apologizing if this is the wrong section. 

Ok so here is the deal. My uncle has owned my great grandmother's house for about 15 years. No one has lived in the house since Hurrican Katrina. On Good Friday my sister and I asked him about the house and he said that it had around $10,000 in back taxes and that if we paid the taxes we could have the house. It is a shotgun double in Uptown New Orleans valued at around 310k. He doesnt want to rent it out or sell it to a stranger because it is a family home. So my questions are:

1. What is the easiest/cheapest way to transfer the house into our names?

2. What are the tax implications in the transfer? Is it considered a gift or anything like that?

3. What is the best way to go about renovating it?

4. Can we use the equity in the house to finance and first rental property?

Sorry there is so much here but I can't find much on the internet involving a situation like this.

P.S. We do plan to live in it. Her in one side and me in the other.