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inherited a mortgage

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peachez94 Joined: 19 Apr 2011 Posts: 1 1.35 Dollars($)	Posted: Tue Apr 19, 2011 12:52 pm    Post subject: inherited a mortgage Like 0 Dislike 0 inherited a mortgage from my mother i live in the house. i have been paying payments since shes been gone almost a yr now. its all still in her name. the bank wants me to refinance. y cant i just take over the mortgage already on it does the mortgage clause apply to me i'm family? i was willed the house in her will it has went through probate court. her lawyer is not helping me much and i have no idea what my options are????????????????????? help
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Tue Apr 19, 2011 2:12 pm    Post subject: Like 0 Dislike 0 I'm sorry to say even though you're making the payments, you will still have to refinance the home to put it in your name. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Apr 19, 2011 7:10 pm    Post subject: Like 0 Dislike 0 Hi peachez, I agree with Ted. You will have to refinance the mortgage in order to transfer it in your name. You can check out the option of novation, with your lender, which is also one of the ways to transfer mortgage from one person to another. However, it is a fact that lenders prefer refinance over novation. Thanks
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Apr 20, 2011 5:03 am    Post subject: Like 0 Dislike 0 Hi peachez, Welcome to Mortgage fit, Although it is a big responsibility to refinance the mortgage on your name.This is the sole reason why you wish to continue with your current situation,without refinancing,you are paying. But let me tell you that it is beneficial to transfer the mortgage to your name because, 1.you could be able to get the tax benefit 2.chance to improve your credit score. these are some of the advantages of having mortgage transferred to your name. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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