- Jurisdiction
- Ohio
Ok, I have a question regarding an estate. I am the administrator of my brothers estate. He had no will, no anything. He only has one heir, an 18 year old son.
The son really wants to keep the family home. It is not in very good condition and needs alot of work. Thier is a mortgage of just under 70K left to pay. We are being forced to sell it because he cannot get a loan or anything. He is about to join the Navy and wants to have this house to come back to in 5 years.
I offered to buy the house for him and rent it out for the next 5 years and sell it back, but we have to buy it at appraised value of 121K. After i dump 40K more into it, it will never be worth it.
I have come upon the idea of just paying off the mortgage and then there is no lien on the house anymore. I would put a lien on the house that he has to pay back in 5-10 years.
Questions
Would he still be forced to sell the house to pay other debts?
Any other better options?
The son really wants to keep the family home. It is not in very good condition and needs alot of work. Thier is a mortgage of just under 70K left to pay. We are being forced to sell it because he cannot get a loan or anything. He is about to join the Navy and wants to have this house to come back to in 5 years.
I offered to buy the house for him and rent it out for the next 5 years and sell it back, but we have to buy it at appraised value of 121K. After i dump 40K more into it, it will never be worth it.
I have come upon the idea of just paying off the mortgage and then there is no lien on the house anymore. I would put a lien on the house that he has to pay back in 5-10 years.
Questions
Would he still be forced to sell the house to pay other debts?
Any other better options?