Inheriting A House With Outstanding Mortgage In Nevada

Guest

In Nevada,If You Inherit A House With 170K Equity And An Outstanding Mortgage Balance Of 35K,What Does The Mortgage Bank Do With The Mortgage???,Thank You

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

You can refinance the loan in your name and continue to make payment

If the bank does nto get the payment as ageed they will freclosure the property and sell it

adonis · Posted: Sun Sep 13, 2009 8:08 pm Post subject:

Hi Nicholas,

Sunny is correct in saying so. As you've inherited the property, you should now contact the lender either to assume the loan or to refinance it. Once you refinance it, you will become liable for the loan. In case, if you do not assume or refinance the loan, the lender will go ahead and foreclose the property.

Guest

what if you have horible credit,does the bank have to let you assume the mortgage?

bensonclive · Joined: 16 Aug 2009 Posts: 91 -0.12 Dollars($)

In my opinion if the remaining amount is 35 k ,they will not creat any problem even if you have reallly horrible score because the equity is more than the owed amount.

jameshogg · Posted: Mon Sep 14, 2009 9:36 pm Post subject:

Hi nicholas,

If you have a bad credit score, then the lender will not let you assume the loan. You will have to improve your credit score first in order to get a loan assumption. To know some steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

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