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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.
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.
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.
Fortunately it was my mother on medicaid and not my grandmother. No liens on the house.
Thank-you so much!
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