How To... in California>Question Details

Tiffany, Home Owner in California

My parents died. The house deed in my name. The mortgage is not in my name. How can I refinance to rent or sell if I would lke? What to do first?

Asked by Tiffany, California Mon Oct 3, 2011

We are making the mortgage payments and it is current, but want options to refinance at a better rate and rent the house, or sell. We do not live in this home. It was belonged to my parents, but put only me on the deed a long time ago. What do I do first?

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I would forego the expense of hiring an attorney at this point. A qualified and experienced RE lender should be able to assist you and it won't cost you anything. I will say, however, that you will have to qualify for a loan on a second dwelling since you don't occupy the home.

Thus the interest rates and terms will not be as razor sharp as you would get for a primary residence. But in the bigger picture interest rates are so low that you should still be able to get a decent rate. Other than that all the usual qualifiers i.e. employment, income, credit down payment, etc. will have to be evaluated.
0 votes Thank Flag Link Wed Oct 5, 2011
Tiffany,

I am not familiar with the California laws so my suggestion is to speak with an escrow attorney. As well get in contact with a loan officer/lender/mortgage broker to see what you would be qualified to purchase and confirm you can cover the current mortgage on the home. If the current mortgage on the home is more than the market value then the situation will be even more complicated.

You should probably contact the current mortgage holder and inform them of the death of your parents. They might need to see a death certificate so have it handy.
0 votes Thank Flag Link Tue Oct 4, 2011
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