Welcome to our money pit ... New pics of our progress

[FrontPorchIndiana]

Ya know, it has good bones. Reminds me of the house I grew up in. It would be a mountain of work but it could be really, really cute. I'd have to agree with not doing any work on it at all until you OWN it though. Doesn't sound like your in-laws can be trusted. You can go ahead and clean it up if you want but no way should you invest any money in paint or anything else for that matter.

 

[Guitartists]

Well, we're doing the work because we're moving in ASAP.....so it has to get done. The brother has ZERO means to take over payments on the house.... no money, no job.... we'll get the house one way or another..... it's just figuring out the best way to do it.

 

[BeardedChick]

was someone killed in that tub?...

RedHen, you funny silly wabbit!

 

[ruth]

Quote:
We have an attorney.... we've discussed all of our options. We have an appraisal that was done last week, and that is what we'll be taking to probate with us. (along with the photos) We weren't planning on doing it this way at first, but our attorney and us agree that considering everything that is in the mix, this is actually are best course of actions and a means to an end. Believe me, we talk this all out with out attorney before making any decisions on anything, and will continue to do so as we go along. Because the entire estate falls under a certain amount the attorney has more options available to him on how to take it through the system.

Okay, good luck dealing with the attorney.

With prior experience as a banker and as a paralegal and with multiple real estate holdings - I can guarantee you that JoeBryant gave good, sound advice that I would also give. I gave the same advice to my parents who found a home in deplorable condition that they were going to buy later but go ahead and start fixing up, in agreement with the owner of the home. Of course, after they spent thousands of dollars and time and the owner could see how much nicer the home was, not only did she refuse to sell it to them, she SUED them for DAMAGING her home - you know, like painting and wallpapering and new floors and refused to return their deposit/down payment.

If you start fixing up this home that right now, no one, not even the bank wants to touch with a ten foot pole - and you get it all fixed up. Some of these ugly relatives will be coming out of the woodwork laying claim to it. Since there is no will, everyone can/will get in line. It will appraise for much more once fixed up and you could be looking at having to pay off relatives in order to keep the house.

I know you want to get started on this home and your plans seem to be in a year or so to start probate that could takes years itself if contested - BUT, please reconsider. You would be better off letting the home go back to the bank, starting probate immediately and getting the estate legally settled and then, as someone recommended, attend the foreclosure sale or renegotiate with the bank to buy the home at a much cheaper price while it is still in such deplorable condition.

I do agree that it has great potential after a lot of time and money and elbow grease is spent on it but I would NOT put forth the effort, based on the family members you've already told about, until it was legally in my name.

 

[Guitartists]

I can go tomorrow with the appraisal and have the attorney do a quick probate that will put it a third in our name. The only relative to contest with is the youngest son. No job, no money and he's slow. He's only interested in $$$$ Even with the work we're doing, it will not even come close to the amount owed on it in todays market. There's NO money to be had. I know it's a risk we take, but worst case, we have to come up with a third of it's value to pay off the stupid brother. If worse comes to worse...we can scrape it up and never have to see his worthless person again!

We're no longer concerned with him. He'll get dealt with in due time. And hopefully his stupid self won;t even bother showing up once he realizes that the house has been remortgaged.

We cannot get the house if it goes back. We won't qualify for any kind of loan, especially with DH in the automotive industry and with our credit score in combination with Michigan having been declared a depressed state. The mortgage company currently holding the bill is as impossible to deal with as his brother... no common sense and they just want their money. So this is our only chance to make it happen, as backwards as it is.

But I appreciate the advice, and I know these things can and have often went south real fast.... but I think we have as good a handle on it as we can. We are working within the boundaries of our limitations and at some point have to have faith that the details will get worked out in our favor.

 

[ruth]

You will need to get good legal advice. The mortgage is in the dead man's name and the mortgage company will not transfer the mortgage to you even if you get a 1/3 probate ownership of the home - not even if you get 100% ownership - unless there is an assumable mortage and they allow you to assume. The current mortgage has to be paid off and the home remortgaged. Title and ownership of a home is totally different from the mortgage. Please do get legal advice. I know your plans were to just continue making the mortgage payments and even said "they don't care who makes the payments" but they do care and legally, when notified that the mortgagee has died, they will take steps to settle the mortgage one way or the other - either by foreclosing or by payoff. I wish you the best of luck.

 

[Guitartists]

We have an attorney, and he is familiar with this mortgage company. I'm not saying that things are getting done the very best of ways right now.... but it's a matter of buying time. We need time to get all of our ducks in a row. This isn't perfect by any means..... but it buys us more time.

Like I said... a means to an end. Our attorney understands our situation and is helping us find the best way for us to achieve this. Sure..... all kinds of things could go wrong...... worse case scenario we might have to find some other plan in a couple of years... but we also have backup plans to get this done, just hoping it doesn't come to that.

I wish we had the means and the time to do things the other way..... but it isn't an option and if we lose it, we may never get it back. And then we may never get out of town either. My DH will die if we have to live here much longer..... living in town has too many stresses for him, and also for myself. The sooner we get out, the better.

 

[Guitartists]

If the absolute worst happens... SIL is going to buy it and allow us to pay for it... but we are doing everything we can to avoid this scenario as being in debt like that to family is NEVER good for relations.

 

[Promiselandfarm]

The mortgage may have a death clause in there for it to be paid upon death of signer, insurance so to speak to make sure they got their money. Have you checked to see if it did have that? Some credit cards also have that and other loans make sure you ask because sometimes those things get over looked. I don't mean life insurance it is insurance for the loan to be paid just in case the borrower dies.

 

[Guitartists]

He didn't have it because in order to get it he would have had to go for a 15 year loan and he went for the 30 year

Would have been nice.... that is how it got paid off the first time, when DH's mother passed away.

But, then again... it would have made a whole new can of worms because then there would have been something for the vultures