Property Q&A in Arizona>Question Details

kathyahrendt, Home Buyer in Maricopa, AZ

can a mortgage be assumed by the adult children if the owner passes away?

Asked by kathyahrendt, Maricopa, AZ Thu Dec 20, 2012

Mother in law passed away, she has in her will that the 2 children get the property but 1 dosnt want it and the other lives at the property and wants to keep it how does he go about it?

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Answers

1
Hi Kathy:

The short answer, assuming we are not talking about a reverse mortgage or an adjustable rate mortgage (ARM), is he will need to qualify for a new mortgage on his own. There are no provisions I am aware of which give preferential treatment to relatives.

Happy Holidays.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
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0 votes Thank Flag Link Thu Dec 20, 2012
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