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Old 01-03-2008, 07:42 AM
 
Location: US
3,090 posts, read 3,719,158 times
Reputation: 1647

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In August of last year, my 81 yo nearly deaf dad took out a mortgage on his free and clear home in Clearwater and built an addition onto his granddaughter's home in Clearwater so he and our step mom could live there. All my step mom's family is in Clearwater while my brother lives in Texas and I'm in Orlando. The family in Clearwater was all for it, and we had no knowledge it was going on until the loan was taken, a builder selected and construction started. My brother and I tried to stop it, but it was too late.

We understand the reasoning. My step mom has Alzheimer's and, at the time, the granddaughter was not working, taking care of her three children, and could help them out, so what's done is done.

My dad, again without our knowledge, entered into a lease purchase agreement with one of my step mom's sons who hasn't held a steady job in his life. The contract was doomed to begin with because the son had no ability to perform since he will never qualify for a mortgage let alone come up with money for a down payment.

Now my dad's taxes and insurance have gone from $1800 to $6200 a year, and the rent he is charging his step son does not cover the mortgage, taxes and insurance. Dad confided in me this weekend he has an ulcer and isn't sleeping at night.

I note the assessed value of the house for taxes is more than the actual value of the house. Is there anything I can do to get that lowered? I'm calling the insurance company to see if there's anything I can do to get that lowered as well. Any suggestions in this area would be appreciated.

Finally, if my dad and step mom moved back into the house, could they get their homestead back, or is that gone forever? I'm sure they wouldn't do that, but we're trying to work anything out that we can.

We may try to sell the house, but my step mom's children think the actual value of the house is more than what we think it is. Even Zillow has it lower than we think it is, and Zillow is optimistic at best.

Thanks in advance -
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