my father passed away, i am sole trustee, will i have to qualify to take over loan on house? If i can't what happens?

Asked by Jodie, Palm Springs, CA Mon Apr 23, 2012

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Annette Levi…, , New York, NY
Sun Apr 29, 2012
Jodie,
Was the mortgage only in your father's name? If so it is due upon his death. If the mortgage was assumable, you still have to qualify for the mortgage. This would not be done until the title of the house goes in your name (I am assuming that you are the only heir).
I suggest that you speak to your attorney on when the title witll be transferred.
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John Juarez, Agent, Fremont, CA
Sat Apr 28, 2012
Jodie,
Is it possible that you meant to say that you are the sole beneficiary? As such, you would be the sole recipient of you late father’s estate. You would inherit the house and the loan would remain in place. You do not have to qualify. You would be obligated to make the loan payments if you want to keep the house. You could choose to sell the house and pay the loan off. You could attempt to refinance the house if there is a valid reason to do so. Is the house worth keeping? Do you want the house? Is the house worth more than the loan against it? If the house is under water you should seek advice from a real estate professional about your alternatives. The real estate professional might suggest that you get legal advice.
Good luck.
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Michael Doyle, Agent, Indio, CA
Mon Apr 23, 2012
Jodie: This is truly a question for an attorney, not a realtor. However, if as you say, you are the sole trustee, its very possible there will not be any qualifying for you to do. That is up to the lender, but, there are other alternatives is something goes sideways.
Please discuss with your attorney and notify the lender per his recommendation. No use taking on any more than necessary.
If I can assist you or you just need some encouragement, let me know.

Thanks!
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