My grandparents bought a home in 1993 for my parents in cash, no open mortgage. Home is in grandparents name. My parents are divorced and my mom lived in it for 10+ years until January when she passed away. My grandfather is deceased as well and neither of them left a will. Now before I make improvements and pay the back taxes I woul dlike for the house to be in my name and I’ve gotten so much advice, what’s right? I’ve initiated an Affidavit of Heirship, but recently a real estate attorney said I needed to get a deed created to turn the owners from my grandmother (and grandfathers living kids from previous marriage) to just my grandmother and then she could do whatever she wanted. She was the spouse, do they have those rights? (I’m in Texas by the way.) Well then she needed money so she was going to sell it to me for cheap and I was going to try for the 1st home buyer tax credit, nope. I wanted a large loan to pay her, pay the back taxes, pay my debt and give my brother some cash also repair the home. We quickly caught on to the "seller" having to pay taxes on all that money (100k). SO that won’t work. I then had a tax/accounting person say do it as an inheritance your mom died and your grandmother is giving it to you as an inheritance of your mom’s then you can take out a mortgage/ home equity. NO Can’t inherit from someone who is living… AH! What now? A gift? SOmeone help please. House value about 2k in 77546, Texas
Posts Tagged ‘home buyer’
Equity in Home Throught the Fha Loan?
Monday, November 2nd, 2009if i buy a house for ,000 throught the fha loan and the house is worth 5,000 will there be Equity in the House
Home equity line of credit: Can I use it for the down payment to buy another house, then sell the first house?
Monday, June 22nd, 2009Hello everyone, I need to move to another location. Can I take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that I used for the line of credit? Are there any restrictions to do that? Can I avoid the fee that I will get if I sell the first house early? Thanks.
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