Legal Question in Real Estate Law in Arizona

I am going to receive an inheritance of $200,000 soon and my wife wants to go to grad school. The schooling will cost a total of $180,000, but she would get out making $160,000 a year. Do we use the inheritance for the schooling? Is there any way she could get financial aid with that money in my name? Also, our house is underwater by about $75,000 and we would have to move for her to go to school. We live in AZ and I'm wondering if the best way to protect our money is to default on our home or try a short sale? We have an interest only hybrid loan with two lenders, so we've invested little money in our home. We chose this loan because we were only planning to stay for two years and move on, but we all know what happened to the real estate bubble. We don't plan to buy a house anytime soon and we're just wondering what the best course of action would be.


Asked on 8/02/10, 3:22 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

You are asking for advice on a number of subjects, which could not be given in this forum.

You should retain experienced legal counsel who can also give you the business advice that you seek. I would be willing to consult with you on a one time consultation basis.

Read more
Answered on 8/08/10, 11:58 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona