- 7 years ago
- Wedding: September 2012
Long story short, my brother passed away and he didn’t have a will. According to TX law, his estate is to be split between us 3 remaining siblings. My other brother and sister do not want the property, but I want(ed?) to try to salvage the home. I say salvage because he was a hoarder (of cats and items.) We have been cleaning the home out and it’s clear that repairs are needed, but the house seems structurally sound. It’s not a pretty sight, but not as bad as the hoarder homes on the TV shows.
He took a loan out against the home in 2007, a 20 year, $40k loan. I cannot find any info out about this loan until I go through probate and legally become the responsible party for his estate. I don’t know if this is something that I want to take on because I don’t know the status of the loan, and if I want to keep the home we would have to refi and take out a larger amount to cover repairs. I wouldn’t mind doing this if I had a head’s up on the amount, but the bank is being tight lipped at the moment.I cannot find any paperwork about the house at all. He didn’t have a computer so I don’t believe there were email statements or anything, so this concerns me. I have no info to go off of.
Is there any way that anyone knows of that I can get this info before I take the responsibility for it? Or just because I get the estate, do I automatically become financially responsible for the home even if I decide I don’t want it? If these questions seem stupid, I’m sorry, I have no clue what’s going on. I have spoken to a probate attorney already, but she can’t say anything for the bank, and the bank isn’t saying anything. I’m in a spot. Either take it or not. It could work out well, or it could equal massive debt that Fiance and I are not equipped to handle.