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sjr037

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How Should I Pay Off Inherited Home?
I recently inherited my childhood home that has approximately $27,000 left on the mortgage which is roughly 8% int rate over 30 yrs. I do not live in the home but have a relative living there. The relative is paying the minimum amount to cover the monthly payment of about $500. Any suggestions on the best course of action to take? Sounds like terrible terms on this loan.

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If you get a loan in your name, you're responsible for it.   What is your intention for the house? If you want to fix it up and sell it, then you need to get the relative out and possibly fix it up. Do you want to keep the house?  If you just sell the house, you don't need to have the loan in your nane, but the loan will have to be satisfied to get title to the house. 

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