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Inheritance Question

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gingeresque

Junior Member
What is the name of your state (only U.S. law)? NY

My son just inherited a house from his father. The house was willed to him. The attorney who drew up the will advised him against putting the deed in his name "right away". His reasoning is that...once my son puts the deed in his name the bank will ask for the entire mortgage to be paid off by him. Is this correct? I would think that he can just assume the old mortgage.

I'm encouraging my son to put the house in his own name as soon as possible. What steps does he need to take to put the deed in his name?
 


curb1

Senior Member
Easy process, but a phone call to the mortgage company should be made immediately. Let them tell you directly what is expected. Chances are that your son might be able to get a lower interest rate right now since rates have fallen to historic lows this week. They should be willing to work with your son at this time. Hopefully you have decent credit and can make mortgage payments.

How is the title named at this time? Was father sole owner?

A visit to the county courthouse will help to find the exact procedure to follow for title transfer. It will not be difficult.
 

FlyingRon

Senior Member
The lawyer is an idiot. A transfer to a relative due to the death of the borrower CAN NOT trigger a due-on-sale clause.

I can think of a number of other issues with transferring to the deed to a minor child, but assuming you want to keep this property, I can't see any upside to leaving it in the deceased's name. The estate will need to be probated for the property in it to be distributed.
 

gingeresque

Junior Member
Home Inheritance

Easy process, but a phone call to the mortgage company should be made immediately. Let them tell you directly what is expected. Chances are that your son might be able to get a lower interest rate right now since rates have fallen to historic lows this week. They should be willing to work with your son at this time. Hopefully you have decent credit and can make mortgage payments.

How is the title named at this time? Was father sole owner?

A visit to the county courthouse will help to find the exact procedure to follow for title transfer. It will not be difficult.
The title was in my son's father's name soley. He dosen't have to probate does he? I hope not. I hear probate is timely and expensive.

So he can just assume the old mortgage - If he has to refinance can I co-sign on the mortgage as he is currnetly unemployed?
 

anteater

Senior Member
The title was in my son's father's name soley. He dosen't have to probate does he? I hope not. I hear probate is timely and expensive.

So he can just assume the old mortgage - If he has to refinance can I co-sign on the mortgage as he is currnetly unemployed?
I will be nice and copy my reply in your other thread to this thread if you promise to stop posting in two threads.

First, you should keep all questions on the same subject in one thread. Otherwise, people have trouble figuring out who said what to whom.

Second.....

...I'm going to the county court house and start the process to change the deed into my sons name. Would this be a QCD?..

I want to put my name on the deed also.
Wait a minute. How do you have the authority to change the deed (even if only to your son's name)? Has his Dad's estate been probated?

Putting your name on the deed is your son's decision. And it would be considered a gift to you, with any tax consequences that ensue.


There are arreas owed on past utiliies for the home. Once the deed is changed can we begin paying utilities from that point or is my son liable for the arreas on utilities. He does not live there now and there are no tenants.

What about possible other debt - medical, credit cards- if any can that be written off?
It sounds to me like you are rushing to jump off a cliff. Dad's estate is responsible for paying Dad's outstanding liabilities from the assets in Dad's estate. The assets presumably include this property. If it is necessary to sell the property to pay Dad's legitimate creditors, then, well, that's what has to be done. Unless your son is willing to pay Dad's creditors himself in order to inherit the property.


And I will remove the "It sounds to me like you are rushing to jump off a cliff" from above. You are speeding toward that cliff.
 
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