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Question: Urgent Question about my Father’s Will?
I’ve re-written this about 3 times because I’m so emotional about the entire situation that I end up writing a novel! I’m going to try this again without the sentiment about my wonderful Dad so that it’s not so long.

My father became very sick very quickly in April of this year. He developed Pancreatic Cancer, and I was DEVASTATED because I had lost my wonderful Mom 3 years earlier ALSO to PC. Daddy was my hero, and I was by his side 24 / 7. He needed constant care from this horrible disease.

5 important notes:
***After Mom died, since I was single, I moved in with my Dad from my apartment to help him acclimate to things since he and Mom were together for 45 years. (Daddy was a very strong man, but he was very hurt by losing Mom.)
***I had a minimal amount of Credit Card Debt, but Dad hated any kind of debt, and he helped me over 6 months to become debt free.
***At the beginning of this year, we were all getting along better, and getting on with things, and Dad was trying to help me find a house or a Condo because he HATED me Renting!
***After Mom died, my oldest brother and my Dad “flipped” a couple of houses using the money from Dad’s Home Equity Line. Dad would invest the money, they’d hire people to work it, and they’d split the profit AFTER Dad’s Home Equity Line was paid back.
***In August 2007, my brother and my Dad invested in another house which my Dad called “The Money Pit” because he was SICK of putting money into it.

IN A NUTSHELL, Dad wanted me to have the house (the house where we grew up) and he gave my brother the plot of land beside the house. My oldest brother told Dad that his attorney could draft a Will for him, and Dad agreed.

When my oldest brother brought the Will up to my Dad’s hospital room, Daddy had JUST gotten back from chemo. My brother “SKIMMED” the contract with my Dad, just stating the “Basics”. When I asked to see the Will, my sister-in-law was hovering over my brother so I couldn’t see it, then my brother flipped through a couple of pages and said “This is the part that pertains to you. It says you get the house.” My Daddy passed away 4 days later with me holding his hand.

Again, trying to be brief here, my Father still had the $ 60,000 outstanding Home Equity Line after he passed away. The ENTIRE $ 60,000.00 is the money paid on the “flipped” house. My brother had the Will written so that if there were any outstanding Liens or Debts attached to any Gifts from the Estate, the Lien or Debt would become the responsibility of the person who received the Gift. Therefore, as the person who inherited my Dad’s house, I inherited this DEBT.

My father would NEVER have intended for me to inherit a house with a DEBT attached to it! It’s so frustrating because the way my brother had my Dad’s Will written, he didn’t have to show us ANY of the bank statement records, NONE of the Checks, etc. He had a clause SPECIFICALLY stating in the Will that he wasn’t required to show ANYTHING to us.

I never DREAMED my brother would betray me this way.

In reference to the house that they were “flipping”, since Dad was co-owner at the time of his death, it’s an asset. Therefore, my oldest brother gets 50% of the house, and the 4 of us split the other half 4 ways.

I know that my father intended for my oldest brother to SELL that house across town to pay off the Home Equity Line as they had done before. My daddy was too SICK at the time to think of legal strategy. And we TRUSTED my oldest brother to do the RIGHT THING! We THOUGHT he was HELPING! My other 2 brothers are completely on my side and have almost come to BLOWS with my oldest brother about this because they know it would have been what Dad wanted.

I’ve consulted NUMEROUS attorneys, and they’re telling me that since my brother had the clause about the gifts in there, there is NOTHING I can do. Most of the attorneys with whom I speak are sympathetic to my situation. They all state that ETHICALLY, it’s a travesty, and my brother shouldn’t have done this; however, LEGALLY, he has done nothing wrong.

As well, they tell us that if we contest the Will, then my Dad’s estate will be divided int

Answer:

Answer by Beebs
The only way to change the will is to contest it. That will get messy, and possibly expensive. The home equity should be paid pursuant to the contract between your brother and he.

Good Luck.

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Question: Urgent Question about my Father’s Will?
I’ve re-written this about 3 times because I’m so emotional about the entire situation that I end up writing a novel! I’m going to try this again without the sentiment about my wonderful Dad so that it’s not so long.

My father became very sick very quickly in April of this year. He developed Pancreatic Cancer, and I was DEVASTATED because I had lost my wonderful Mom 3 years earlier ALSO to PC. Daddy was my hero, and I was by his side 24 / 7. He needed constant care from this horrible disease.

5 important notes:
***After Mom died, since I was single, I moved in with my Dad from my apartment to help him acclimate to things since he and Mom were together for 45 years. (Daddy was a very strong man, but he was very hurt by losing Mom.)
***I had a minimal amount of Credit Card Debt, but Dad hated any kind of debt, and he helped me over 6 months to become debt free.
***At the beginning of this year, we were all getting along better, and getting on with things, and Dad was trying to help me find a house or a Condo because he HATED me Renting!
***After Mom died, my oldest brother and my Dad “flipped” a couple of houses using the money from Dad’s Home Equity Line. Dad would invest the money, they’d hire people to work it, and they’d split the profit AFTER Dad’s Home Equity Line was paid back.
***In August 2007, my brother and my Dad invested in another house which my Dad called “The Money Pit” because he was SICK of putting money into it.

IN A NUTSHELL, Dad wanted me to have the house (the house where we grew up) and he gave my brother the plot of land beside the house. My oldest brother told Dad that his attorney could draft a Will for him, and Dad agreed.

When my oldest brother brought the Will up to my Dad’s hospital room, Daddy had JUST gotten back from chemo. My brother “SKIMMED” the contract with my Dad, just stating the “Basics”. When I asked to see the Will, my sister-in-law was hovering over my brother so I couldn’t see it, then my brother flipped through a couple of pages and said “This is the part that pertains to you. It says you get the house.” My Daddy passed away 4 days later with me holding his hand.

Again, trying to be brief here, my Father still had the $ 60,000 outstanding Home Equity Line after he passed away. The ENTIRE $ 60,000.00 is the money paid on the “flipped” house. My brother had the Will written so that if there were any outstanding Liens or Debts attached to any Gifts from the Estate, the Lien or Debt would become the responsibility of the person who received the Gift. Therefore, as the person who inherited my Dad’s house, I inherited this DEBT.

My father would NEVER have intended for me to inherit a house with a DEBT attached to it! It’s so frustrating because the way my brother had my Dad’s Will written, he didn’t have to show us ANY of the bank statement records, NONE of the Checks, etc. He had a clause SPECIFICALLY stating in the Will that he wasn’t required to show ANYTHING to us.

I never DREAMED my brother would betray me this way.

In reference to the house that they were “flipping”, since Dad was co-owner at the time of his death, it’s an asset. Therefore, my oldest brother gets 50% of the house, and the 4 of us split the other half 4 ways.

I know that my father intended for my oldest brother to SELL that house across town to pay off the Home Equity Line as they had done before. My daddy was too SICK at the time to think of legal strategy. And we TRUSTED my oldest brother to do the RIGHT THING! We THOUGHT he was HELPING! My other 2 brothers are completely on my side and have almost come to BLOWS with my oldest brother about this because they know it would have been what Dad wanted.

I’ve consulted NUMEROUS attorneys, and they’re telling me that since my brother had the clause about the gifts in there, there is NOTHING I can do. Most of the attorneys with whom I speak are sympathetic to my situation. They all state that ETHICALLY, it’s a travesty, and my brother shouldn’t have done this; however, LEGALLY, he has done nothing wrong.

As well, they tell us that if we contest the Will, then my Dad’s estate will be divided into 1/4′s (for all 4 of us kids.) I’m perfectly okay with that, but my other 2 brothers are saying that it’s wrong because that’s not what Dad wanted. He wanted me to have the house unencumbered. They’re saying that it’s crazy that you have 3 siblings who KNOW how Dad would have wanted this, and our oldest brother is the only one profiting, and he has all the power.

I’ve picked up the 90 Day Inventory, and this is the only knowledge I have of the things that my brother has accounted for.

I’m so unbelievably hurt and frustrated.

Does anyone have any suggestions? I feel that I’ve exhausted EVERY possibility, and one of my brothers is pushing me to find someone else to do something. I’m so unbelievably depressed about all of this. Besides losing my wonderful Dad, I’m dealing with this massive

Answer:

Answer by Boxers
“I’ve consulted NUMEROUS attorneys, and they’re telling me that since my brother had the clause about the gifts in there, there is NOTHING I can do. Most of the attorneys with whom I speak are sympathetic to my situation. They all state that ETHICALLY, it’s a travesty, and my brother shouldn’t have done this; however, LEGALLY, he has done nothing wrong.”

Sorry, but I doubt free advice here is going to be better than advice from attorneys in your own state.

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Question: question about my home buying options……?
i rented a house in Feb 2007 and me and my husband are looking to buy a house but i want it to be a really good investment. my landlord just recently offered me the house i am renting for an ok price. i was thinking about buying it but we have decided to slowly “flip” houses (we want to move into it and upgrade it slowly then sell it) the house i live in now was built in 2002 so it is still pretty new. all it really needs is landscaping, flooring and little things like that. my other options were to go buy another “older” house and fix it up or to go ahead and buy some land start paying on it, build a house and just forget the whole flipping houses thing.( Just so you know me and my husband are fairly young and want to get ahead so we will be comfortable in the long run.) so what do you think would be the best thing, to get ahead in the long run?
1. buy the house i am renting
2. wait until the lease is up and buy a different house
3. buy land and later build

Answer:

Answer by Leo F
Adding landscaping and some flooring will not add any value to the home, it will just make it easier to sell it. Buying a house that has outdated kitchen and baths at a good price is your best bet for flipping. Over the next 2-3 years update the kitchen and baths and you should make a fair profit.

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Question: VA loan, cheap house, work question – maybe I watch too much HGTV but this is a dream of mine?
I have 18 months left in the service and I’m seriously thinking about buying a home and would appreciate some advice or tales of experience here.

I can’t wrap my head around renting for a few years and throwing all that money away, to be honest, and a goal of mine has always been to own my own home.

I’m looking at living in SE Pennsylvania, ideally in Philadelphia and working and going to school on my GI Bill. I’ve looked and keep running across fixer-uppers or outdated homes for the price of a new car.

I’d like to get a loan for 50k for a ten or 15 year period (even with a low credit score, the monthly payments are around $ 650, which is manageable even with a part time job). 35k would go toward purchase of the house, with 10-15k set aside for repairs, new roof, flooring, kitchen or bathroom, new water heater, etc.

As long as the place is liveable and the repairs mostly cosmetic, I wouldn’t mind living floorless or wall-less for a while and doing some work myself. I understand HGTV makes it look much easier than real life, haha.

Also, my motivation here is not to “flip” a house or make some ridiculous profit in a short time, but to create a home.

Is this feasible? What problems do you see in the plan? Have you done anything like this?

Thanks!
Thanks! This would be my first time around with real estate – so I expect there are a LOT of things I don’t know.

Please keep the great input flowing – I’m learning. :)
Ideally, I’ll be saving for a down payment and emergency fund over the next 18 months.

tag-on Question: Is a home loan given for the value of the house, or for a set amount? Could you theoretically borrow 80k and put 60k toward renovations on a 20k house?

Answer:

Answer by tkquestion
You are forgetting couple BIG things when you computed the loan payments.

Surely, for $ 50K loan for 15 years at 10% (you said bad credit) would equal to $ 537 a month. On top of it, there will be a private mortgage insurance, escrow for home owner’s insurance + tax, and you’d easily be paying $ 900 a month.

What would happen if you need new roof, new plumbing, or A/C? Each of them will cost you $ 5K to $ 10K. Can you handle that? Worst case scenario… what happens if there are serious structural problems?

If the house is worth $ 35K, you can get a loan for $ 35K. Especially not-so-great credit, the bank will loan you over the value of the house. Also, you’d find, $ 10K will go VERY quickly….

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Question: House flipping rehab question?
I know the housing market is down right now but I live in Missouri where it is not affected very much. I am looking into home rehabbing for profit. I want to buy houses that just need to be cleaned up like new paint, yard clean up, and minor repairs. I do not want to “flip” houses by changing the structure or spending loads of money on a remodel. I want to just put in some sweat equity. Do you think there is a profit market for this? Thanks!

Answer:

Answer by ClicketyClack
If you don’t make major changes, why would anyone pay a lot more for the house than you did? Also, you said MO was not affected by the housing market. The more stable the home prices in your area, the less likely you are to turn a profit with minor fix-ups to a property. Sorry!! : /

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Question: I want to “flip” a house / rehab / finance question?
I currently own my home (mrtg)… I have credit score 660 or so as does my wife.. we want to buy a house to rehab and sell.. buy for $ 60k, invest about$ 15k- $ 20k , should sell for about $ 110 hopefully…… What is the best type of mortgage we should get to purchase the home as an investment property with no $ down if possible……

Answer:

Answer by Serious Mandy
Try one with an ARM.. try a lender not a bank.. you will get approved easier..with less down or no down… and you can finance your closing costs. Dont let the adjustable mortgage rate scare you.. if you flip it and get it sold soon enough, you wont have to worry about increasing rates.

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Question: I am confused about the question in FAFSA and CSS, anyone help?
This is the question I saw in FAFSA: As of today, what is the net worth of your parents’ investments, including real estate (not your parents’ home)?

And I see “real estate” in CSS too, and is real estate must excluding my home?

Also, I have to estimate my last year income, I had a part time job before. My question is should I add up all the salary before tax or after tax?

thanks!

Answer:

Answer by nice
hey.. i have recently filled out my fafsa and css profile as well… so i think i know
so in the side bar of the questions, they tell you what lines of your parents w2 or tax return form to look at.. and you go through the line and look at the amount of money there and put the amount as your ans…
they seriously give you specific line and page number
good luck!

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