Inherited a house with renters

[beener]

What is the name of your state? Illinois
I inherited a house with consistant tenents. I am now on the title, and the Mortgague is 8 years away from being paid off. (It was a 30yr) The loan is not Assumable. Do I have to Re-finance to Assume the Mortgague? I've got a good thing here and don't think I can get another mortgague... I have a primary residence.
***More importantly, what are my leagal consiquences if I try to keep it as is for the next 8 years??? Or get caught?
Thanks for your help.

 

[FarmerJ]

if you only have 8 years left to pay on the house then the home has alot of equity , talk to a mortgage broker and see if the equity alone is enough to put up and use to get a new loan against the house to pay the old one off ,with your new lender knowing full well that the property is currently used as a rental .

 

[HomeGuru]

What is the name of your state? Illinois
I inherited a house with consistant tenents. I am now on the title, and the Mortgague is 8 years away from being paid off. (It was a 30yr) The loan is not Assumable. Do I have to Re-finance to Assume the Mortgague? I've got a good thing here and don't think I can get another mortgague... I have a primary residence.
***More importantly, what are my leagal consiquences if I try to keep it as is for the next 8 years??? Or get caught?
Thanks for your help.

**A: if you were a spouse of the deceased, you need not do anything.

 

[beener]

Sorry, I am not the spouse. I am one of 3 sons that got property...
Does anyone know what risk I am getting into by not putting the mortgague in my name???

 

[HomeGuru]

Sorry, I am not the spouse. I am one of 3 sons that got property...
Does anyone know what risk I am getting into by not putting the mortgague in my name???

**A: worse case is the mortgage lender calls the loan due.