All Forum Posts by: James Smith

Hello community, I have recently inherited two properties with challenges. The first home has no mortgage or lien, but has late property tax of about 1,700. The other home has a mortgage of 18,000 remaining and late property tax of about 2,000. I currently stay in the home that does not have a mortgage and my sister and her family have been living next door in the other home for over 14 years. I have been appointed the executor and I'm also the sole beneficiary of the estate.

I’m hoping I can use the equity in the property that I’m occupying to consolidate my debt and renovate the home to rent. The challenges I’m facing are; the homes are in probate for another four months while my debt has become hard to manage, I’m now worried that my credit score wont be high enough to acquire the loan I need. I also have to make a decision about how to manage the other home that my sister has been occupying rent-free for years. My sister, not paying rent is an issue because I inherited the mortgage debt that she barely pays on monthly. My hopes are to find a solution where I gain financial freedom and my sister can stay in her home.

I understand I have not given great detail, but I can provide more information if someone has a question. I would appreciate feedback and help about this situation. Thank you.

Hello community, I have recently inherited two properties with challenges. The first home has no mortgage or lien, but has late property tax of about 1,700. The other home has a mortgage of 18,000 remaining and late property tax of about 2,000. I currently stay in the home that does not have a mortgage and my sister and her family have been living next door in the other home for over 14 years. I have been appointed the executer I’m also the sole beneficiary of the estate.

I’m hoping I can use the equity in the property that I’m occupying to consolidate my debt and renovate the home to rent. The challenges I’m facing are; the homes are in probate for another four months while my debt has become hard to manage, I’m now worried that my credit score wont be high enough to acquire the loan I need. I also have to make a decision about how to manage the other home that my sister has been occupying rent-free for years. My sister, not paying rent is an issue because I inherited the mortgage debt that she barely pays on monthly. My hopes are to find a solution where I gain financial freedom and my sister can stay in her home.

I understand I have not given great detail, but I can provide more information if someone has a question. I would appreciate feedback and help about this situation. Thank you.