Posted on: 25th Mar, 2009 01:53 pm
I am sole heir of my father's estate which mainly encompasses his home. He still owes money and is under a mortgage. What advice is given for steps to this process?
thanks,
thanks,
You get a real estate attorney and go through the probate process.
I am just fundamentally not sure how the mortgage is to be handled? Does it need to be refinanced in my name, legally? Is this something that a probate attorney is also to handle?
if so, i guess I need a new one!
if so, i guess I need a new one!
You will most likely need to contact the current mortgage lender and provide to them with a copy of the death certificate. Once you do that you will be able to speak with them assuming you can prove you have ownership rights to the home now.
They may allow you to just continue making the payments on the existing loan. Once the house is legally yours you can also refinance or sell it if you wish.
Does that help?
They may allow you to just continue making the payments on the existing loan. Once the house is legally yours you can also refinance or sell it if you wish.
Does that help?
hi ajlipsey!
welcome to forums!
if your father has left a will, then you would have to probate it as chris has said. if there is no will, then you can file an affidavit of heirship in the county recorder's office and get the property transferred in your name.
once the property is transferred in your name, the lender will want you to refinance the mortgage in your name and pay off the dues. if you don't want to refinance, then you can speak to the lender about novation. it is also a way to transfer the mortgage in your name. however, you should note that lenders prefer refinance over novation.
feel free to ask if you have further queries.
sussane
welcome to forums!
if your father has left a will, then you would have to probate it as chris has said. if there is no will, then you can file an affidavit of heirship in the county recorder's office and get the property transferred in your name.
once the property is transferred in your name, the lender will want you to refinance the mortgage in your name and pay off the dues. if you don't want to refinance, then you can speak to the lender about novation. it is also a way to transfer the mortgage in your name. however, you should note that lenders prefer refinance over novation.
feel free to ask if you have further queries.
sussane