What Liabilities Are You Not Expecting When You've Inherited Grandma's House in Florida?
What Lawyers Don’t Tell You When You’ve Inherited Grandma’s House
You are generally not personally liable for the deceased’s debts. However, any “involuntary” liens, such as mortgage liens, unpaid taxes or judgments, remain attached to the property. That means that they are your problem now. You need to address them as soon as possible to keep the house long enough to sell it. Grandma also left you with responsibility for maintaining the property. You are also responsible for code enforcement liens if you don’t maintain the property. You are also subject to potential capital gains taxes if you sell it later.
The Ongoing Expenses You Have Now That You’ve Inherited Grandma’s House:
- Mortgage Payments: If there is a mortgage on the property, you are not personally responsible for paying it. However, if you don’t make the payments, the lender can still foreclose on the house.
- Property Taxes: You are responsible for paying property taxes that are due after you inherit the home.
- Homeowner’s Insurance: You must maintain homeowner’s insurance to protect the property especially if there is a mortgage.
- Liens: Involuntary liens, such as property tax liens or special assessments or liens from a creditor remain with the property. Guess what? They are now your responsibility. You will need to pay off these liens to clear the title. Warning: They could end up on your credit report!
- Mortgages as Secured Debts: A mortgage is a secured debt. This means the lender has a security interest in the property.
Your Options and Responsibilities Now That You’ve Inherited Grandma’s House:
- Live in the House: You can move into the home and take on the financial obligations.
- Sell the Property: You can sell the house to pay off any outstanding debts, including the mortgage.
- Rent the Property: You can rent out the property and use the rental income to cover expenses.
Important Considerations When You’ve Inherited Grandma’s House:
When inheriting Grandma's house, important considerations often include the property's condition, as many inherited properties in Florida can be in disrepair, requiring significant maintenance and financial investment. For example, you might find overgrown landscaping, code enforcement warnings, or an outdated interior, indicating it could be a 'money pit' despite Grandma's good intentions. Addressing these issues is crucial.
The inside of the house looks like your walking into a 1970s time capsule. Grandma’s house has plastic covering the furniture and lime green kitchen appliances. It’s apparent grandma meant well but she left with you with giant money pit. So what do you do?
Call The Inheritance Specialists At Foreclosure Defense Network At 1.888.214.6377
When inheriting Grandma's house, important considerations often include the property's condition, as many inherited properties in Florida can be in disrepair, requiring significant maintenance and financial investment. For example, you might find overgrown landscaping, code enforcement warnings, or an outdated interior, indicating it could be a 'money pit' despite Grandma's good intentions. Addressing these issues is crucial.
