December 2, 2009
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Inherit: the American Dream
Inherit:
The American Dream
By Robert Summers
Indianapolis, Indiana between: 1950-1959.
180 homeowners built 180 homes using self help or sweat equity. “Sweat Equity” is a term used to describe the contribution made to a project by people who contribute their time and effort. It can be contrasted with financial equity which is the money contributed towards the project. This is an African-American community where the men of the families were all WWII Veterans; whom all had to work full time jobs 40 hrs per week, have good credit, plus put in a minimum of 20 hours per week building their own home and assisting their neighbor the women was not allowed to contribute financial or labor wise. I stumbled up on this fact when attending a community meeting with my wife whose own parents built in this community which sits on the Historic Register. Now that it is 2007 most of these homeowners’ are in there mid 80’s some in there 90’s, some have passed. What a wonderful heritage to leave your heirs the American Dream an inheritance that will last the ages. Not so in some communities and this is a fact currently in this community 30% of the homes have been lost to lack of knowledge, that’s 54 homes at a whopping $4,050,000.00 in lost equity. Majority of these homes were all free and clear. Lost, for unpaid taxes; not wanted by the children who had already bought homes and did not want the responsibility of another home. Some were foreclosed on others sold to investors for pennies on the dollar. Diminishing, the value of the other homes in the community, and losing the inheritance that could have leveraged the playing field when it came to having a better way of life for themselves and their children.
What to do when you have inherited a home?
Mortgagism Rule No 1.
Try to get the title transferred before deaf of the owners so that the taxes can remain the same. If there is a mortgage left make sure that you have adequate insurance to cover it in case of death
Mortgagism Rule No 2.
If there is 2 or more individuals involved in the heir ship of the property and one wants out have the property appraised to find out its fair market value.
Mortgagism Rule No 3.
Inherited properties can be refinanced to pay off existing mortgages, heirs, liens or past creditors as long as the individual who is refinancing does not receive any cash.
Mortgagism Rule No 4.
Inherited property requires no seasoning on selling or refinancing unlike property flips whereas a person or entity may acquire a property for a quick dollar artificially inflating the value. Inherited property was not acquired by the sell of the property but by a loved one who left the home so that the heir may have a better way of life so the property can be appraised at the full market value and sold at that value.
Mortgagism Rule No 5.
Inherited properties fall outside of the scope of the intended scope established by HUD in 2003 and is not considered property flipping and can save a lot of heartache and help put the heirs on the road to financial freedom.
About the Author
"Robert Summers Sr. Residential Mortgage Advisor"
"Financing the World, One Family, One Community at a Time", Southwest Funding, LP Branch 777 Indianapolis, IN 46202 317-925-1877
This
work is licensed under a
Creative Commons Attribution-No Derivative Works 3.0 United States License.
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