Reader Question: My sister and I have been in our home since the mid 90’s and only have a $40K mortgage. She is the only one on the mortgage, and we are BOTH on the deed. The problem is we don't get along, she has cancer and hasn't worked but is getting treatment and now low on funds. I think we sell as is, she thinks we put more money in fixing the house to get more out. I think that money could go for her treatments. Our house can easily sell for $370-$400K without fixing. She is also demanding I sign to refi the house for $250K. What do I do? Do I get an attorney? I don't want to put myself at risk, and she has cancer. I think the only solution is to sell. Help. Janie.
Monty's Answer: There is much history in this situation that is not available to dissect for a specific recommendation. As an example, how is it you bought the house together, but you are not on the mortgage? Who is making the mortgage payments? Is there a written partnership agreement? What is your sister's prognosis? These and other questions will have to be known and understood to provide sound guidance.
Explain to your sister that you need more information before you can consider her terms. You both need the following details. An attorney or mediator gathering the facts will have questions about the real estate and other circumstances. Here are issues to propose.
By seeking the information above and studying research, you may learn that you are both right. The truth could be somewhere in between. By getting multiple, experienced real estate agents, you have expert opinions to add credence to either argument.
Now take the data and propose a mediation with your sister. Mediators are skilled at helping people overcome their differences; it is less threatening than an attorney and often far less costly. Many judges today will require mediation before they will look at a case. To serve only as an example of a mediation center check out the National Association for Community Mediation.
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