My sister and I inherited a condo with an estate mortgage. We will continue to make the mortgage payments. We
are arranging to buy homeowners' insurance and will then cancel the estate's insurance policy on the condo. We don't want to have to go through a qualification process for fear that the loan would become due. My sister is self-employed and I am unemployed. I understand that we can go through an unqualifying process in order to change the loan out of the estate name and into our names. The estate would still be included in the loan liability. Wells Fargo is the lender. Do you have any advice? My fear is that we might do something that triggers the loan being called.
I agree with Craig, I'd talk to a Trust/Probate/Estate Attorney. You are referring to the 'Alienatoin Clause" of the Note secured by the Deed of Trust on the subject property. Take this with you when you visit the attorney. Good luck! If you wish to find out the value of the Condo then you should have an appraiser do one at the "time of death" to determine the taxable "basis" at the time of your relative.
I would urge you to talk to an attorney rather than a real estate broker.
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Fair Housing and Equal Opportunity