Selling a House to Payoff Medical Bills

 

There are instances when it will be challenging to settle your medical bills. Even individuals who have health insurance will sometimes find it hard to pay their medical debts. Due to the increasing rate of medical bills, some Americans will have to resort to extreme measures to settle their medical fees. Medical bills are considered unsecured debts. This means that the medical institution will not have control over your collateral for your debt coverage. Nonetheless, the hospital can file a claim that will force you to sell your property.

 

Selling Your House to Settle Your Medical Debts

 

Secured debts are the types of debts that come with collateral. Auto loans and mortgages are two perfect examples of secured debts. On the other hand, unsecured debts are not associated with collaterals. The creditor will not have the ability to seize 'collateral' without pursuing a case in court. The court will then decide if you have to sell your property to secure your medical bills.

 

Liquidating Assets

 

There are instances when the court will put a lien on your property. This means that you will be forced to sell your property to cover the unpaid bills you owe to the medical institution. Due to the increasing cost of medical expenses, the doctors will have to wait until you sell your house before collecting the unsecured debts. If the amount of unsettled medical bills is less than your property, then the remaining money should be returned to you. In some instances, the estate property will be insolvent. In this case, the bills, debts, and taxes will exceed the market value of your property. This means that you won't receive anything in return. You will be responsible for the debt and the remaining balance on your medical bills.

 

Selling Your Home

 

If you decide to handle the liquidation of your asset or just want to sell your real estate property to settle the medical bills, cash buyers would be the best choice. You will be able to skip the complex and time-consuming process of selling your house traditionally. It will help you save a lot of cash. You will no longer have to incur expenses for the marketing of your property. You are not also required to provide a commission to the realtor. In addition, you can sell your property in its existing condition, which means that you will not need to acquire repair and renovation before you close the deal.

 

As soon as you contact an agency that will connect you to the cash buyers, you will be able to receive a cash offer immediately. Understand that the money you will get in this process is slightly lower than your property's actual market value. An appointment will be scheduled to inspect your house. You do not have to submit complicated documents and paperwork to finalize the deal.

 

Selling Grandma's Old House

 

Suppose you inherited your Grandma's old house, and you need to sell it to settle her medical bills. In that case, you would find it challenging to sell the old property, particularly if you inherited it in the wake of her death. You also need to consider formalities that can even complicate the entire process. However, with the proper guidance and advice, you can reduce stress when you sell an old house to deal with medical expenses. Before selling your inheritance, you should first establish your relationship with the property. Not a lot of people are aware of this step. Although your name was mentioned in the last will, you will need to complete an application for probate before you can lawfully sell it.

 

The Probate Sale of the Property

 

Probate is referred to as the process of gaining the 'right to deal' to someone else's property after they die. If you were mentioned in the Last Will as someone who can manage the estate of your Grandma, you can go to the probate registry and apply for probate. This will generally specify that the executor (you) has absolute power to deal with the inheritance. If there is more than 1 executor on the Last Will, your probate application form has a complete guide on what you need to do.

 

The Process of Applying for a Probate

 

Applying for probate can be done through a solicitor or by yourself. Before submitting the application form, ensure that the vital information is included. You need to make sure that the document establishes the liabilities and assets left by your Grandma; this may consist of creating a society account, bank account, and totaling the properties. There are instances when it can be more complicated. After checking the essential information, you need to secure the following documents to sell an old house to pay medical bills.

 

·         Application form- Complete the Probate Application 1

·         Inheritance Tax Form- You will need to settle this form regardless of whether there is a tax owed or not.

 

·         Send your Application form- After completing the requirements; send your form and necessary documents to the probate registry. You will need to pay a fee to submit the original last will and at least three copies, the death certificate, tax form, and the Probate Application 1.

 

·         The probate office will then send you an oath. You will then be required to visit a local office or a solicitor to swear your oath.

 

Selling Your Grandma's House

 

When selling an inheritance, there are selling options that you can consider. Some people opt for a fast sell to avoid the extensive and complicated process. However, you will be compelled to agree on a discount to sell it fast. To gain a good return, we advise you to seek the help of a real estate agent. They will save you from thousands of charges when you sell an old house to cover medical bills.