Mother passed away left homes with loan

[Pamchan]

Tennessee. My mother passed away in January she left two homes with loans on them we've been paying the loan thus far but a balloon payment is due in December what do we need to do to refinance the loan the bank wasn't sure they could give us a loan without the houses being in our name. We don't know where to start do we transfer the property into our name with will and then try to refinance the loan or do we go to the bank and talk to them and they can do it all at once. There is only $8000.00 owed on the two homes but we don't have the money to pay it off all at once.

 

[LdiJ]

Tennessee. My mother passed away in January she left two homes with loans on them we've been paying the loan thus far but a balloon payment is due in December what do we need to do to refinance the loan the bank wasn't sure they could give us a loan without the houses being in our name. We don't know where to start do we transfer the property into our name with will and then try to refinance the loan or do we go to the bank and talk to them and they can do it all at once. There is only $8000.00 owed on the two homes but we don't have the money to pay it off all at once.

If there is only 8k owed, you might explore other types of loans rather than mortgages. Otherwise yes, you would need to get probate opened and get the homes transferred to the heirs before you could get a mortgage.

 

[justalayman]

Are there any other assets in the estate, especially is there any cash and if so, is any of it directed via the will to any of the devisees that are to be inheriting the house(s)?


Can nobody scrape together $8k or take out a personal loan for that amount? How about borrowing against somebody's vehicle or house?

Chances are you do not have time to take the estate through probate before the loan is due. You are talking less than 3 months which (although I admit I have not researched TN probate) is a very short period for probate.


And speaking of probate; is there enough money in the estate without the homes being involved to pay all of her debts?