Legal Question in Wills and Trusts in Pennsylvania
My father recently passed away. He had no assets and still owed the full mortgage on his house. He left me the house. I lived in the same house with him in PA and continue to live there now. There are back property taxes owed. I am paying the mortgage and am paying the current property taxes. Should I be concerned with paying the back taxes and should I put the house in my name?
1 Answer from Attorneys
If you do not want the house, then don't pay for it. You are not obligated on the mortgage. However, if you want the house, then you a re obligated to pay for it - you inherit the house - but subject to the mortgage and taxes, including back taxes. If you don't pay, then the property is going to be sold at a tax sale and/or foreclosed on. And if you want to be able to deduct the mortgage interest then the mortgage is going to have to be in your name, So you need to figure out what you want to do and if you can afford to keep the house or not. What is the interest rate on the mortgage? Does it make sense to get a more favorable rate and could you qualify? How much is the property worth? How much is owed on the mortgage? For the back taxes and current taxes? Where is the property located? These are all things you are going to have to figure out. Again, if you want to keep the house, then you need to get it into your name, get the mortgage in your name so you can deduct the interest and pay the back taxes.