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home has a morgage on it I inherited what rights do I have?

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darlal Joined: 30 Mar 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Mar 30, 2010 11:01 am    Post subject: home has a morgage on it I inherited what rights do I have? Like 0 Dislike 0 My mom signed a legal form giving me ownership at her time of death. She has passed away. The house still has a morgage on it. What rights do I have? Can the property be sold by me? Can I keep the home and rent it? What is the mortgager's role in this situation?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Mar 30, 2010 11:09 pm    Post subject: Like 0 Dislike 0 Hi darlal, You are the owner of the property now but you are not liable for the mortgage dues. You can refinance the loan in your name and start paying off the dues. This will help you in saving the property. You can also rent the property. However, you need to make regular payments on the mortgage. If the mortgage payments are not made on time, the lender will simply foreclose the property. _________________ Procrastination is the enemy of your financial success

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