How To Avoid Foreclosure On A Property You Inherit?

If you prefer to read, the video transcription is below:

In today’s video, we’re going to cover how to avoid foreclosure on a property that you inherit.

You’re an heir to someone who has recently passed away and that person owned a house or a cottage or a condominium or an apartment.

You want your share of inheriting that, whether it’s by selling that property and getting the proceeds or keeping it and sharing it with the other heirs, if there are any.

If you want either of those things you need to do something very important.

You must make sure that things like the mortgage and the taxes if there are any, are paid.

Don’t wait for an executor to be appointed and you might not be the executor that’s getting appointed but make sure it gets taken care of.

It requires a little research with the register of deeds or Tax Commissioner.

You want to make sure it gets taken care of because if not, it can go into foreclosure.

Obviously keep records of what you spend so you can get reimbursed off the top before the money, before the property, gets distributed but you must take care of this.

Have a great day.

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