I’ve Inherited a Home: Now What? Part 1
Inheriting a house may seem like winning the lottery to some, but the death of a loved one is an incredibly difficult time. It’s not easy making quick decisions soon after a loved one’s passing. While you decide what to give away, sell, or keep, you’re likely emotionally drained. The stress of sorting through the estate can be pretty overwhelming. Deciding what to do with the inherited home can’t be put off for too long or you risk creating a financial mess especially if there’s still a mortgage on the home. If you don’t know what to do with an inherited home, read this article and part two to learn about your options.
What If There’s a Mortgage?
If you inherit a house with a mortgage, be sure that you take the following steps:
- Know who is legally responsible for the home. Is there a co-signer on the mortgage? This person is responsible for working with the lender concerning the mortgage.
- Gather the mortgage documents, contact the mortgage servicer, provide a death certificate, and update the records.
- Make the mortgage payments. As long as you continue making payments on the home you will be fine. However, failing to make those payments can land the home in foreclosure.
- Pay off the mortgage completely, if you have the financial means to do so. If it’s paid off immediately, you will be in the clear to do what you please with the home.
Move Into the Home
If the home you inherit has been paid off and you love the home, moving into the home is a no-brainer, unless you have other relatives vying for the home. For example, if three siblings inherit a home, they may not want to live together. At this point, you can rent out the home or sell the home and divide the money three ways.
What you do with your inherited home will depend on various factors which could include your current financial status, your intentions for the home, the condition of the home, and the current market conditions. If you want to make your life and the decision much simpler, don’t hesitate to contact our cash house buyers in Tampa, FL.