So, You Have Inherited A Home? Don’t Get Excited Yet! They Can Come With A Lot Work And Be A Major Headache. 

Did you inherited a home from your parents or your grandparents? The responsibility that comes with inherited homes can be a bit overwhelming. It can also be a major headache to deal with. Why? It can come with a lot of challenges and responsibility that you didn’t know you also inherited. Especially, if you have to deal with before you can sell it. 

For example:

• Was Richard Nixon President of the United States when the property was last remodeled?
• Does the home have an existing reverse mortgage or Pace loan, making it impossible to sell?
• Is the bank suing you to try to collect the debt of your parents, saying you are liable?
• Did you know that many lenders will sell the mortgage debt to third-party collection lenders? These collection lenders have the legal authority to place the debts of your parents on YOUR credit report.
• Does the property have a pool? Is it up to code?
• Did you know that most lenders will NOT take care of the property? Local code enforcement requires the local government to do it. If they do it. they will impose liens and fines. 
• Local municipalities can get judgments against the property. These judgments could end up on your credit report.

Like It Or Not, Grandma’s House Is Now Your Responsibility!

In other words, if you just inherited a home in Florida, you can’t ignore it and pretend it doesn’t exist. Why? Well, simply put, you are now responsible for the property if you like it or not. 

Florida law says homestead properties are NOT considered part of the probate estate. This means the property passes directly to the decedent’s heirs or beneficiaries. This also means heirs are not liable for paying off any outstanding mortgage. However, you could be liable for any unpaid property taxes and code enforcement liens.

If you’re experiencing any of these problems with an inherited home, we can help. 

This Article Originally Appeared On Our Sister website Foreclosure Defense Network. To Learn More, Call 1.888.214.6377.