All Forum Posts by: Michael Rinaldi

@Jaysen Medhurst

Thank you for the reply. I should clarify she has no issue paying bills, her primary mortgage, her portion of the taxes on the lake house or her brother's portion of the taxes as well. The lake house is paid in full. Renting the property would help cover taxes, but won't prevent sister S trying to force the sale. If the why is strong enough you will find away. This house was built by my grandfather and has been in the family for nearly 70 years. I will find a way to keep it in the family. We have a 2 year window. Time to get busy!

Can you do a HELOC on a second home that you only own 33% of?

Hello all,

1st time posting. Learning as much as I can as quickly as possible to get started in REI, but I have a family scenario / question for all the experts out there. My mother inherited 1/4 of a paid off lake house in upstate NY when my grandfather passed away. Her other 3 siblings inherited the other 3/4. Her brother F also passed away, and my granfather wrote in his will that if brother F. dies his 25% goes to the other 3 evenly. So they now each own 1/3. My mother's primary residence is in NY, but the other 2 live across the country. Brother G wants to keep property, but can't keep up with taxes and has trouble affording travel to use property. Sister S now wants to sell. My mother want to keep the house, but still owes a large percentage on primary residence and refinanced a few years back. She is on a very fixed income after my father passed away and is does not have much cash. Looking for creative solutions to keep the house. Sister S already said she does not want monthly payments as they want to enjoy the $ while they still can. Sorry for the novel. Any suggestions would be appreciated.

Mike