If You Were Almost Motgage Free...

If you were almost motgage free.....................

PostBy: oliver power On: Sun Dec 14, 2014 11:44 pm

Would you go back into debt in order to buy out siblings? Property is behind, and joins my property. 35 acres, with old house around the corner from me. House needs lots of work. I have 1200 foot of the road frontage, which is most of the road frontage. I don't really want the extra taxes, but hate to see the property sold. I'm almost mortgage free, and would like to take a breather from it. Mother will not be with us much longer. Property is to be divided 6 ways. I'm already hearing little confrontations. The bank would never give a mortgage on the house unless it had about $20,000 - $30,000 stuck into it. Seeing it attaches to my property, I heard I can get a home improvement loan. Youngest brother still lives at home. He'd like to stay there, and maybe even buy the place. I'd like to see him buy the place. BUT, I know he can't get a mortgage. Not sure how far I should stick my neck out to try to help him. Other siblings talk of selling. Again, not sure what to do. Just thinking out loud. Probably should not be putting this on line. Just looking for suggestions/ideas/comments. Oliver
oliver power
 
Stoker Coal Boiler: KEYSTOKER Kaa-2
Hand Fed Coal Stove: Hitzer 50-93 & 30-95, Vigilant (pre-Vigilant-II), D.S. 1600 Circulator
Baseburners & Antiques: MANY (Mostly when burning wood)


Re: If you were almost motgage free.....................

PostBy: lzaharis On: Mon Dec 15, 2014 12:01 am

oliver power wrote:Would you go back into debt in order to buy out siblings? Property is behind, and joins my property. 35 acres, with old house around the corner from me. House needs lots of work. I have 1200 foot of the road frontage, which is most of the road frontage. I don't really want the extra taxes, but hate to see the property sold. I'm almost mortgage free, and would like to take a breather from it. Mother will not be with us much longer. Property is to be divided 6 ways. I'm already hearing little confrontations. The bank would never give a mortgage on the house unless it had about $20,000 - $30,000 stuck into it. Seeing it attaches to my property, I heard I can get a home improvement loan. Youngest brother still lives at home. He'd like to stay there, and maybe even buy the place. I'd like to see him buy the place. BUT, I know he can't get a mortgage. Not sure how far I should stick my neck out to try to help him. Other siblings talk of selling. Again, not sure what to do. Just thinking out loud. Probably should not be putting this on line. Just looking for suggestions/ideas/comments. Oliver

==================================================================================================

Hello Oliverpower,

You will need to spend time talking to an attorney
/your mothers attorney and your attorney if you have one
before you do anything or even talk to your
siblings as a lot of legal work is involved
lzaharis
 
Stoker Coal Boiler: Keystoker KAA-4-1 dual fuel boiler
Coal Size/Type: rice
Other Heating: kerosene for dual fuel Keystoker

Re: If you were almost motgage free.....................

PostBy: oliver power On: Mon Dec 15, 2014 12:23 am

lzaharis wrote:
oliver power wrote:Would you go back into debt in order to buy out siblings? Property is behind, and joins my property. 35 acres, with old house around the corner from me. House needs lots of work. I have 1200 foot of the road frontage, which is most of the road frontage. I don't really want the extra taxes, but hate to see the property sold. I'm almost mortgage free, and would like to take a breather from it. Mother will not be with us much longer. Property is to be divided 6 ways. I'm already hearing little confrontations. The bank would never give a mortgage on the house unless it had about $20,000 - $30,000 stuck into it. Seeing it attaches to my property, I heard I can get a home improvement loan. Youngest brother still lives at home. He'd like to stay there, and maybe even buy the place. I'd like to see him buy the place. BUT, I know he can't get a mortgage. Not sure how far I should stick my neck out to try to help him. Other siblings talk of selling. Again, not sure what to do. Just thinking out loud. Probably should not be putting this on line. Just looking for suggestions/ideas/comments. Oliver

==================================================================================================

Hello Oliverpower,

You will need to spend time talking to an attorney
/your mothers attorney and your attorney if you have one
before you do anything or even talk to your
siblings as a lot of legal work is involved
Yes, I know. Thanks..... We do have the same attorney. It's all been in a trust, in my name for many years. I am watching out for everyone's interest, more so than my own. Guess that's why it's called a trust.
oliver power
 
Stoker Coal Boiler: KEYSTOKER Kaa-2
Hand Fed Coal Stove: Hitzer 50-93 & 30-95, Vigilant (pre-Vigilant-II), D.S. 1600 Circulator
Baseburners & Antiques: MANY (Mostly when burning wood)

Re: If you were almost motgage free.....................

PostBy: warminmn On: Mon Dec 15, 2014 12:53 am

a simple answer. No, I wouldnt.

If you buy it, one way or another someone (a sibling) will get mad about it. They will either think you got it too cheap or something else. Then if you make 5 cents on it somehow, they will bitch about that. Its not worth it. Ive seen families torn apart in similar situations. Money is more important than family somehow.

If it were auctioned, it "might" eliminate the getting it to cheap part. Maybe you can get a few more acres splitting it and walk away from it without pissing someone off but thats even pushing it. Maybe your sibling can get just the house as his portion of inheritance and the rest can be sold.

Living debt free is great. You'll enjoy it.
warminmn
 
Hand Fed Coal Stove: Chubby Junior, Efel Nestor Martin, Frankenstove
Coal Size/Type: nut and stove anthracite
Other Heating: wood

Re: If you were almost motgage free.....................

PostBy: davidmcbeth3 On: Mon Dec 15, 2014 1:29 am

So I assume that the trust requires the property to be sold and then the proceeds divided among the six of you?

How much is the property worth?
davidmcbeth3
 
Coal Size/Type: nut/pea/anthra
Stove/Furnace Make: Hitzer
Stove/Furnace Model: 503

Re: If you were almost motgage free.....................

PostBy: Freddy On: Mon Dec 15, 2014 5:40 am

My opinion: The key words are "Property is to be divided 6 ways. I'm already hearing little confrontations." They say a lot. If one of the six ends up with it, it sure sounds like at least one of the others will be upset. You won't want to be in the middle. Sadly, you will probably be better off to just let it go.
Freddy
 
Stoker Coal Boiler: Axeman Anderson 130 (pea)
Hot Air Coal Stoker Stove: Reading piece o' junk in the barn (rice)
Coal Size/Type: Pea size, Superior, deep mined

Re: If you were almost motgage free.....................

PostBy: GA cracker On: Mon Dec 15, 2014 7:05 am

Oliver, what was said above is sad but quite often true about money, assets and siblings. If you are north of age 55, why go back into debt? Having the land would be nice but to me less headache and less debt is more important. Good luck.
C.
GA cracker
 
Hand Fed Coal Stove: Harman Mark iii
Coal Size/Type: nut
Other Heating: Central heat and air

Re: If you were almost motgage free.....................

PostBy: SuperBeetle On: Mon Dec 15, 2014 8:57 am

We paid our property off several years ago. We like the fact that we are free from the mortgage and don't want payments on any more properties. Now if we would happen to have enough cash that would be another story. At this point in our lives (both 50) we are content and really don't want or need anymore property and the work that goes along with it. That being said, I do understand that having 35 acres behind me would be appealing for many different reasons.
SuperBeetle
 
Hand Fed Coal Stove: Harman Mark II
Coal Size/Type: Pea, Nut, & Stove Anthracite


Re: If you were almost motgage free.....................

PostBy: jimg On: Mon Dec 15, 2014 10:07 am

I would seriously consider it, if you don't, never know who might buy it or what it may be used for...call it "Self Zoning".

Jim
jimg
 
Stoker Coal Boiler: EFM 520 Highboy
Hand Fed Coal Stove: Warm Morning in garage, Columbia Kitchen Range in pieces
Coal Size/Type: Rice for EFM and Stove/Nut for

Re: If you were almost motgage free.....................

PostBy: EarthWindandFire On: Mon Dec 15, 2014 11:36 am

Hi Oliver,

I have been in the same situation and can sympathize with your intentions. Also, as of last month, I paid off and cancelled my last real credit card. The only debt left is my mortgage. Now, in my opinion, I would buy out the other relatives as long as the only debt you accumulate from the transaction is another mortgage.

Good luck.
EarthWindandFire
 
Hot Air Coal Stoker Furnace: Leisure Line Lil' Heater.
Other Heating: Oil Furnace and Kerosene Heaters.

Re: If you were almost motgage free.....................

PostBy: Short Bus On: Mon Dec 15, 2014 12:01 pm

For me houses have no sentimental value, just taxes and pile of maintenance, especially old houses. What made them special is what happened with the people in our lives within the walls, that cannot be recreated. My parents are still alive but we can't interact like we used to, no matter what building we are in. Shed the trappings of the past, strengthen the relationships with your siblings some other way.
Short Bus
 
Stoker Coal Boiler: Kewanee boiler with Anchor stoker
Coal Size/Type: Chestnut / Sub-bituminous C
Other Heating: Propane wall furnace back up only

Re: If you were almost motgage free.....................

PostBy: lowfog01 On: Mon Dec 15, 2014 2:11 pm

Nope, no way. It's a no win situation for you. Why would you put yourself in that situation. No, back away from the check book and get on with your life and let your siblings get on with theirs. Lisa
lowfog01
 
Hand Fed Coal Stove: Mark II & Mark I
Coal Size/Type: nut/pea

Re: If you were almost motgage free.....................

PostBy: labman On: Mon Dec 15, 2014 4:03 pm

Given all the facts, NO! I wouldn't consider it if it involved family! You are setting yourself up for a lot of grief for as long as you live.
labman
 
Hand Fed Coal Stove: harman mk II
Coal Size/Type: nut

Re: If you were almost motgage free.....................

PostBy: franco b On: Mon Dec 15, 2014 4:24 pm

Meet with the siblings and if there is 100 percent agreement then go ahead. I can't see how you would solve the younger brother living there though.
franco b
 
Hand Fed Coal Stove: V ermont Castings 2310, Franco Belge 262
Baseburners & Antiques: Glenwood Modern Oak 114
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Re: If you were almost motgage free.....................

PostBy: oliver power On: Mon Dec 15, 2014 6:37 pm

Thanks Everyone. I really appreciate your being honest with your opinions. All your comments give me some kind of direction, and awareness. With that, I believe I'll make the right choices when the time comes. After reading the replies, and PM's, I have decided not to stick my neck out too far. I'm going to watch how things unfold. Oliver
oliver power
 
Stoker Coal Boiler: KEYSTOKER Kaa-2
Hand Fed Coal Stove: Hitzer 50-93 & 30-95, Vigilant (pre-Vigilant-II), D.S. 1600 Circulator
Baseburners & Antiques: MANY (Mostly when burning wood)