Stutube, Renter in 21093

how do i get my name on my deseased moms mortgage?

Asked by Stutube, 21093 Mon Jun 27, 2011

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Sorry to hear about your loss--in order to best protect yourself, do consult with an attorney for all necessary iinformation/paperwork regarding the property; he/she can best advise...
0 votes Thank Flag Link Mon Jun 27, 2011
Stuube,
I am sorry to hear about your mother's death. Was she the only one on the mortgage? If not, the mortgage was due on her death.
You can only assume a mortgage if the mortgage is an assumable mortgage. Fha mortgages are assumable, others are too. Call the lender to see if she had an assumable mortgage.
You cannot do anything until the estate is settled. In your mother's will, did she leave you the house? If there was no will, the estate must go into probate to determine what her estate is and who are the heirs.
Have you consulted a lawyer about your mother's estate? If you haven't do so tomorrow.
0 votes Thank Flag Link Mon Jun 27, 2011
Why do you want your name on the loan? Assuming liability is something to consider prior to taking action. If you need it for helping to strengthen credit history that is a valid reason. If that is not the case I would proceed slowly. A death may not necessarily impact a mortgage loan and could become a non-recourse form of financing. As long as the current lender is not requesting payment it may be a good move to not add your name to the loan. The downside of course is it does not help your credit history/score.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Jun 27, 2011
I am sorry to hear about your mom, at this point you need to contact the bank and ask if you can assume the mortgage, if not you may need to get your own mortgage to pay off the current one. You may need teh death certificate and any will beofre they will talk to you. good luck in working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jun 27, 2011
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