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what about the mortgage?

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lkabong

Junior Member
New York


I'm an only child and my Mother died recently. Before she passeed, she took out a second motgage. Will the mortgage company allow me to take over the house, or will I have to pay them the full market value which is about 6 times as much as she owed:eek: .
 


BelizeBreeze

Senior Member
lkabong said:
New York


I'm an only child and my Mother died recently. Before she passeed, she took out a second motgage. Will the mortgage company allow me to take over the house, or will I have to pay them the full market value which is about 6 times as much as she owed:eek: .
Your post doesn't make sense.

1. How much is the house worth?

2. How much is the loan for?

3. is there a will?
 

lkabong

Junior Member
The house is worth about $350,000. The loan is for about $70,000 I don't know the first thing about estate or probate law. My mother left no will. I want to buy the house from the mortgage company and put it my name but I don't no how, or even of I have to.
 

nextwife

Senior Member
Mom's estate owns the property, not the mortgage company.

Was there a will? If you are the sole heir, the house can either be sold and the mortgage paid off at closing, or you can pay off the mortgage using insurance or other funds, or, if you become the legal owner via the estate, you can refinance and pay off the mortgage.
 

BelizeBreeze

Senior Member
O.K. I'll try to explain so you know what to do on Monday morning.

First, since you are an only child and your mother recently died and there is no will, you will (presumably) be the only heir. HOWEVER, to legally have all of mom's possessions transferred to your name, you MUST FILE PROBATE. That is the legal process of dividing the assets of the deceased among all living heirs.

Simple process in your case.

As for the house, it will revert to your name. However, since there is a mortgage on the home which will also transfer, you either need to satisfy the mortgage before you obtain a clear deed or speak with the mortgage company about transferring the mortgage to your name.

OR, refinance sell or one of many options.

Bu, first thing monday morning find a probate attorney to file so that you can begin the process.
 

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