More questions on assuming the mortgage???

[michelle9867]

I have some other questions about assuming the mortgage for my mother in laws house, which we are living in at the present time, and paying the mortgage for, although it is considered a rental, we pay it to the youngest brother, (executor of the estate), and he pays the mortgage company. They have decided to sell the land across the road from the house, they have had an offer that they accepted. We were told to try to get a loan from a family member for 10 to 15 thousand dollars, to put towards a "pay down" that has to be made when the land is sold. That family member is unable to help us...According to my brother in law, when he sells the land, he can settle the estate, and pay the attorney, and take care of reimbursing anyone who helped pay any bills that had to be paid right after his mother passed away, but after he does all that, the mortgage company wants the balance of the money put toward the mortgage as a paydown. That means that the three siblings who have no interest in living here also will not get any inheritance... basically, the way it was put to us was that we will benefit because the money has to go towards the mortgage, and can't be split between the other three kids, which will make the mortgage payment go down considerably. We were also told that even if we assume the mortgage, the house will still only be 25% ours, because the will says it is to be split between the four kids. My question is, how does that work? Does that mean all four siblings have to pay a quarter of the mortgage, and if not, how is that fair? We will be paying the mortgage, and possibly making improvements. What if there is a fire, all of our stuff is here, if we lose our stuff, do we have to split any insurance money we get with all of them. Also, Does that mean we will not be allowed to do anything to the house, like make any improvements or changes, without the okay of the other three siblings, or can there be something put in writing saying otherwise, and can one of the other three turn around after we possibly fix it up and make improvments, and say that since they are 25% owner, they want to move in. I know we could buy them out also, actually,we were told we would have to buy them out, but can't they choose to just sign off. If not, and they would have to bought out, how is that amount determined. Would it go by what is owed on the house when we assume the mortgage, or would it go by what the house is worth when we decide to buy them out? couldn't we just split whatever the amount of the payout towards the mortgage was when the land was sold 3 ways and pay them that way. It is all very confusing, I am hoping someone can shed a little light on this for me. I think it is very sad that we have to worry about there being problems over the home that my in laws loved very much, and just wanted to have it stay in the family, and for it to seem like the other siblings are more worried about getting money, then keeping the home in the family. Thankyou...