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rvlaw
rvlaw, Lawyer (JD)
Category: Legal
Satisfied Customers: 8386
Experience:  NYC Trial Atty. 30 yrs.- pers. inj., contracts, real estate, criminal, estates, matrimonial.
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My sister and I inherited my Grandmothers house upon her death

Customer Question

My sister and I inherited my Grandmothers house upon her death but there is a loan out on it using the house as collaterol and our mother lives in the house. I need to know if we should put the loan in one of our names and if so what is the benefit of doing so? The loan has an interest rate of 5.49% which I think is really good and I don't want to mess that up. My mom is currently paying on the loan. What should we do?
Submitted: 5 years ago.
Category: Legal
Expert:  rvlaw replied 5 years ago.

Hi, and welcome to Just Answer. Thank you for entrusting me with your legal issue. I will do my best to assist you. During the course of our interaction , I may need some additional information. Also, please keep in mind that when any of us at JA legal answers a question, we don't know what you, the customer, already knows about the issue unless we are told

 

DON'T TOUCH THE LOAN!! THE INTEREST RATE IS GREAT. Here's what you do.. You need to decide among you, mom and sis:

 

1. Whether you want to charge mom rent to live there (this is legal/business)

 

2. Who should pay the mortgage, interest, taxes, insurance, repairs, etc.

 

3. Most importantly...who can take the deductions for interest, taxes, insurance, repairs, etc.

rich

Customer: replied 5 years ago.

How can either of us decide on these deductions when the loan is in my deceased grandmothers name?

My sister and I also inherited a small amount of money that we have to give to our mother so that she can pay the loan payment, insurance, taxes and repairs. Crazy as it sounds my mother set it up this way so that she could leave us something after she passes nor did she want the state to take the money. At the time she was on medicaid. Now she receives social security and is on medicare and doesn't make enough to file taxes.

Expert:  rvlaw replied 5 years ago.

You can agree among yourselves IN WRITING...example...divorced couple decides who takes the child exemption on tax return...OK as long as only one takes it.

 

Ok regarding of the balance of the info provided. But has Medicaid paid grandma's expenses so that they have asserted a lien on the house. Better check.

 

Rich

rvlaw, Lawyer (JD)
Category: Legal
Satisfied Customers: 8386
Experience: NYC Trial Atty. 30 yrs.- pers. inj., contracts, real estate, criminal, estates, matrimonial.
rvlaw and 12 other Legal Specialists are ready to help you
Customer: replied 5 years ago.

Fortunately it was my mother on medicaid and not my grandmother. No liens on the house.

Thank-you so much!

Angie

Expert:  rvlaw replied 5 years ago.
OK good luck

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