Q: Paying off old house mortgage. How can I give the title to the City in Kentucky?
I bought the house from my parents years ago. The foundation has become unsafe and I am not fixing it. The house was built in the 1900's. I am paying off the mortgage in June and do not want the house. Can I give the title to the city in Kentucky, even if they do not want it? If not, what are my options?
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A: If you are paying the mortgage note, then why throw the money away? List the property for sale now. You should get some offers, quick. It may still be a loss, but you should recoup something and will probably make a profit, and have to pay capital gain taxes. If the taxes are not paid, there will be a tax sale.
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