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Inherited house but with debt

Phantom_Avenger · 2010-09-28 14:43:08

I've inherited my mother's house in her will but it has 10000 debt attached, 5000 secured against the house. I want to keep the house but can't pay the debts off. Are there any good firms that will buy equity in it, or what should I do? I'm on Incapacity Benefit and DLA. Cheers for help in advance

Comments

Jenniefour Posts: 1,393 Forumite

8 October 2010 at 10:15PM

Sorry to hear of your loss - and the difficult situation you are in at present. May I suggest you seek legal advice on this - you want to be able to live in your late mothers home and there are quite a few complexities to your situation. My understanding of debts which are unsecured is that they do not have to be paid. However, the debt you mention is secured against the property and I think this is probably treated like remaining mortgage where there is no insurance to pay it off - it needs to be paid.

I do hope there is a way for you to keep the house and find a satisfactory way to deal with debt. All the best with that.

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