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I want to purchase the home that I am currently living in. The person who previously owned the home passed away and the executor is allowing us to live here under rental terms. She wants us to own the home. it's an excellent home that is fit for my children and myself. We talked about possibly assuming the mortgage. In a way I'm already paying the mortgage. The difference here is that I am paying it to her and she pays the bank. Are there any suggestions out there that would make this an easy transfer? Is it possible for her to purely transfer the house and the mortgage to me with her being the executor of the estate? I live in the state of Wisconsin. Thanks

gmakerley · Posted: Tue Jul 12, 2011 9:50 am Post subject:

Vossler, the mortgage cannot be transferred to you regardless of the status of the estate. It is conceivable that you might be able to assume the mortgage, but you're going to need to have a contract to purchase the home and a good lawyer who can help you in contacting the lender to discuss that possibility.

The estate, I'm assuming, must go through probate; that will settle the question of a sale to you. The executor cannot simply transfer ownership to you, inasmuch as the executor is not the owner of the property.

Did you have a rental agreement in place prior to the death of the prior owner? I sure hope so, unless you've entered into a new rental agreement in the meantime.

Frankly, it's time for you to search around for an attorney who can dig into the situation and advise you.

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Taking over mortagage payments living in the home.

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