What to do if my mother left her condo to me that has a second mortgage on it?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if my mother left her condo to me that has a second mortgage on it?
It is for less than the value of the condo but more than the total annuity. She also had annuity with a death benefit to be split between my 2 sibling and I. Will we have to forfeit the annuity benefit to satisfy the mortgage? Even if I sell? I was hoping to use my share of the annuity to satisfy the mortgage and condo fees until it is sold, is that possible or is the annuity benefit part of the estate? And if so does that require any other debts be paid (including mortgage) before my siblings even get their share?
Asked on January 29, 2014 under Estate Planning, Kentucky
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You take the condominium subject to the first and second mortgage in place which you would have to service. You are entitled to 1/3 of the annuity from what you have written which can be used to pay down the second mortgage on it as well as the first. I suggest that you consult further with a Wills and trust attorney about the matter where you may be forced to sell the parcel you inherited.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.