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How do I assume a loan and transfer deed after death of parent? See questions below

Posted on: 03rd Mar, 2011 04:23 am
My mother recently passed away. She was living in a mobile home on @4 acres of land. The trailer is in her name, but the land is in my deceased father's name. (There is a Warranty Deed of Transfer to her, but it was never filed with the county clerk.) The land and trailer are collateral for a $72,000 loan, which is more than the current value of the land and trailer. All of my mother's property was covered in her will and left to the 4 children. I would like to transfer the land and trailer to my name and assume the loan (siblings are in agreement). 1. Should I assume the loan prior to the transfer of the deed or vice versa? 2. Does the assumption of the loan automatically transfer the deed to my name? 3. Does the land and trailer continue as collateral if I assume the loan? 4. What are the steps to transfer the land deed and trailer to my name?
Hi dcwells!

Welcome to forums!

You should first get the property transferred in your name and then assume the loan. The assumption of the loan won't automatically transfer the property in your name. If you assume the loan, the land and trailer will continue as a collateral. You should contact a real estate attorney and he will guide you as to how you'll be able to transfer the property in your name.

Feel free to ask if you've further queries.

Sussane
Posted on: 03rd Mar, 2011 09:49 pm
If my dad dies can he will me his house if i assume mortgege. I am in ny
Posted on: 17th Jun, 2011 07:06 am
HI jessica!

Welcome to forums!

Your father cannot will his property to you after his death. He will have to draft the will before his death and declare you as the beneficiary of the property. If he has done so, then you will have to probate the will after his death and get the property transferred in your name. After that you can refinance the mortgage in your name.

Feel free to ask if you've further queries.

Sussane
Posted on: 17th Jun, 2011 11:03 pm
My mother is deceased. Now myself and 4 others siblings own half of my fathers (undivided amongst children) 96 acreas. 40 of these acres, (in another location but part of the 96) were attached to a loan that my dad cosigned for a grandson's loan(our nephew). He is now refinancing his loan, and needs us to sign to allow him to continue to use this 40 acres for collateral. If we don't sign, the bank gets the land. Why would the bank need the last 4 digits of my ssn, full name, and address? What are the risk for my and my siblings?
Posted on: 14th Jul, 2011 09:19 am
Hi willisp!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about52335.html

Take a look at it. I hope it will help you.

Sussane
Posted on: 14th Jul, 2011 11:39 pm
My mom passed away very recently. While single, she bought a home. Only she is listed on the deeds to the home and land. However, she married later and unfortunately the marriage wasn't fruitful. After a long battle of illness, she named me as her Power of Attorney which I know is of no affect after death. Her estranged spouse did not reside with her prior to death. My siblings and I were told that the property is now "heir" property where her we and her spouse are heirs. We would like to retain our mother's home and land. Since her death I have paid the mortgage payments, but know I need to notify the mortgage company and insurance company of her death. What is the best way to handle this? How can we (the children) get the property solely in our names and be responsible for the remaining years of mortgage, insurance, property taxes, etc....?
Posted on: 04th Aug, 2011 09:33 am
Hi Guest,

You can contact the mortgage and the insurance company and inform them about your mother's death by contacting them directly. Your attorney can also help you in this regard. If her spouses are not interested in claiming the heirship to the property, then you and other heirs can file an affidavit of heirship at the county recorder's office and get the property transferred in your names. As far as the mortgage is concerned, you and the other heirs will have to refinance the mortgage in their names.

Thanks
Posted on: 04th Aug, 2011 10:25 pm
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