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My mother passed away in 2006, leaving behind a father who couldn’t accept it well take care of yourself.My sister has always lived in Hawaii, but the cost The number of people living there has increased and the income opportunities have decreased, so she moved I helped him with my father in Oregon in 2008 until his death in 2010.
The house was left to us both in trust.She has been living There is no rent for 11 years, covering property taxes and maintenance costs.
We all live on social security, which is very tight for me, but She can’t survive because a stable job is not her strong point. And move around often.The value of the house is somewhere in between 400,000 USD and 500,000 USD. The sale proceeds will be divided equally between us.
She has been looking for reasons why the house is not suitable for sale. This delay has plunged us into rising real estate costs, which means she can’t afford anything with half of her.
I have taken root since I bought my first house at the age of 10 23. So I now live in a home that pays off.she’s not Recognize my need for the proceeds from the sale of houses.
I love my sister, but I am not responsible for the fact that she has never had it Acquired equity in anything in 70 years.She said: “This house is all I have. “
I think I have been very patient for 11 years, but I feel Financial tightening for the elderly.I don’t want my sister to be homeless I don’t want to alienate her, but I don’t know what to do next.
-brothers
Dear brothers and sisters,
I don’t think your only two options here are to make your sister homeless or let her rent-free forever. She will receive $200,000 or $250,000 from half of her home sales. Real estate prices may be out of control now, but they have not yet reached the point where she can’t afford a simple one-bedroom apartment.
In a perfect world, you can do so-called cash refinancing. You will receive half of your equity in the form of cash, and your sister will assume a mortgage of 50% of the house value.
“Even borrowers with low credit scores, limited income or assets, most lenders will usually approve this type of financing because a 50% loan-to-value ratio provides lenders with very low risk,” the company’s lawyer and chief executive officer Officer David Reichel says LegalAdvice.com Who specializes in real estate and mortgage law.
Of course, the biggest problem is that your sister lives on things that sound meager Social Security Income. She may not even be able to afford a small mortgage.
The extreme approach is to take her sister to court. “When the co-owner of the house wants to sell and the other person does not want to sell, most state laws allow the co-owner who wants to sell to force the sale of the house by applying to the court for sale,” Reischer said. “The court supervises the sale of property and ultimately divides the sales proceeds.”
This process usually takes 6 to 12 months. Of course, the damage to your relationship may last forever.
Your sister has been rent-free for 11 years. She has good reasons to continue making excuses. She will not take the initiative to abandon this arrangement.
I think you should let her know that if she does not cooperate with you, you are at least considering taking the matter to court. Tell her that you really don’t want this to happen. But tell her that 11 years later, you worry that that might be your only choice.
Try not to focus on your sister’s bad choices during the discussion. Instead, focus on what you need, which is half of the assets in the family that your father left for both of you. When she says the house is everything to her, please stay firm. Maybe this is true. But she can also leave with half of the proceeds from selling houses in the hot real estate market. If she insists that she has nowhere to go, please point her to some Zillow lists that are within her budget.
Maybe under some pressure, your sister will be more motivated to sell or find a way to pay for a small mortgage. Can she rent out the room at home to earn income?Or she can Part-time job?
If your sister still refuses to give in, you must decide whether to actually take her to court. In the end, you will have to choose whether to sacrifice your relationship with your sister to get shares in this family. I hope this is a decision you don’t have to make.
Robin Hartill is Penny Hoarder’s certified financial planner and senior author.Send your tough money questions to [email protected].
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