About 8 years ago my wife's Mother and Father purchased a mobile home through Greentree and placed it on their vacant lot next door to them. They did this with the sole intention of renting to us so we would be close by. They have both since passed away and we are not sure how to proceed. We paid our rent in the amount of the mortgage straight to Greentree so every payment has come from us.
There are 2 pieces of property involved, one with the mobile home on it and one with their home on it. Even though the mobile home was bought by the parents we feel obligated to keep it from affecting the 5 other siblings in a negative way. Money is not something any of us have an abundance of so I am looking for ideas on how to deal with the situation.
Since we are no longer needed here we would really like to purchase a real home in a better school district. One idea I had is to purchase a foreclosure or short sale at good price and add enough money to the mortgage to pay off the mobile home. I don't even know if this is possible but if it is it would not only save the family any trouble but add a little rental income to us.
Sorry so long but any advice would be much appreciated.

So whats the question? You are a renter, you can leave the property.

Does anyone want the property ? If so let them refi it and keep it.

Without knowing all the details,

I would suggest that you speak with an attorney familiar with local estate law regarding the possibility of issues involving the estate of your in-laws and the matter of Wills, beneficiaries, executor/executrix and a testamentary trustee who may have been appointed or if they both died intestate, which one died first, etc

If they died intestate, then an application by a relative for an appointment as an estate administrator may be required with the posting of a bond.

There may be other issue, such as

_Who’s name shows on title to the property and the mobile home?

_Were the 2 lots legally severed into two separate lots?

_Certified copies of the death certificates, the will and letters of probate may be required to effect a transfer of title.

_Do the 5 siblings have any inheritance rights against the estate of your in-laws?

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

What you're essentially asking is about the mortgage payment, right? That you want to vacate the property, but you've been paying the mortgage (as rent but directly to Greentree) and you no longer want to do that-- is that correct? Your concern is that the mortgage payment will now fall to the other siblings?

[quote=DueDiligence]What you're essentially asking is about the mortgage payment, right? That you want to vacate the property, but you've been paying the mortgage (as rent but directly to Greentree) and you no longer want to do that-- is that correct? Your concern is that the mortgage payment will now fall to the other siblings? [/quote]

That is essentially the meat of it. I do not want the other siblings to end up losing whatever value they may have in the land inheritance because they have to pay off a mobile home I have been living in.
I am a complete novice where a mortgage is concerned so I was wondering if it is possible to buy a foreclosed property (or a short sale) but get 25K more than the sale price to pay off the mobile home.