Posted by Bob (Md) on January 21, 2001 at 15:10:59:
I think I would get power of attorney so you can control the property, arrange for financing to cure the existing debt and provide funds for fixup. Then, I would contact a professional property management group in the area, have them manage the fixup, and then have them put in and manage a renter. The cash flow from the renter would pay to keep the place repaired, service the debt, and pay the mgt company. And maybe even put a few bucks in your pocket each month. That way, the property is kept viable while you’re waiting for things to sort themselves out. If your mom gets better, you can boot the renter and move her up there. If not, the property will be in good enough shape so that it can be sold.
Remember that all funds for fixup should be escrowed by the management company (or better your attorney) and released only when the work is complete AND INSPECTED.
My wife was a hospice nurse for years. My best advice would be to take care of your mother, and just get the property issues stabilized. Time has a way of sorting things out. When you try to make those kinds of decisions while under stress, it’s easy to make the wrong choice or get taken advantage of by unscrupulous opportunists.
Just my two cents…