property that has been willed to someone

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dovepnny

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Post Posted: Sat May 05, 2007 3:14 am    Post subject: property that has been willed to someone
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Both my parents died recently and left a mortgage on their home, There is quite a bit of equity in the home. They willed the home to my brother but he refuses to pay the mortgage payments to keep the house. The property is going into foreclosure. the mortgage is assumable and I would like to assume it. How do I get the deed out of my parents name and into mine if I assume the mortgage. Also, because they willed the home to my brother, does he retain any rights to the property if I should assume the mortgage and sell the home.
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miller_st




Joined: 17 Jan 2007

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Post Posted: Sat May 05, 2007 11:59 am    Post subject:
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Hi Dove,

To begin with, as the house is willed to your brother he can sell the house, pay off the mortgage and retain the balance as there is enough equity in the house, so you need to know if he will agree to give you the house or not. You will need to own the house to be able to assume the mortgage.

Quote:
How do I get the deed out of my parents name and into mine if I assume the mortgage.

The will would go through the probate process and then your brother will get ownership of the house after which he can use a quit claim deed to transfer ownership of the house over to you.

At the time the quit claim deed will be made, the lender can also complete the required documentation for you to assume the mortgage payments.

First, you get in touch with the lender and ask if you would be allowed to assume the mortgage or not & then if he says that he would have no objection to it, you can ask your brother to quit claim the ownership to you.

Miller
Alex

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Post Posted: Mon May 07, 2007 5:41 am    Post subject:
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dovepnny,

As far as I have come to know, one can assume a loan when he's buying the seller's property that has a mortgage on it and the seller isn't paying for it. I guess dovepnny wants to say that he'll be taking over the loan and not assuming it.

In case you wish to know what's an assumable mortgage, you may go through mortgagefit.com/assumable-mortgage.html
Thiele

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Post Posted: Mon May 07, 2007 11:42 am    Post subject:
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Quote:


Both my parents died recently and left a mortgage on their home -> Dove, as the mortgage was in their name, lender can now ask for it to be paid off as now the title ownership will change over in your brother's name after he gets the home as mentioned in the will.




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