#336

Do you have to pay off the mortgage when you inherit a property?
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[@kingsagenda]

Scenario 1. My parents bought a house then got divorced 4 years later. 2. The judgement ordered mom to remain in the house and dad to pay mortgage. 3. Dad never pays, mom pays 4. Mom adds me to deed, so we are coowners 5. Mom passes.away 6. Mom gives house to me and half sister as Co owners 7. I move into home and make mortgage payments 8. Dad wants to be removed from mortgage loan 9. Half sister is married has a mortgage already, does not want to assume loan 10. I have $0 and mediocre credit Can I assume loan by myself or am I stuck? #relatives #suck

[@azdbuk]

Not to mooch free advice, but this was helpful. Hope biz is good.

[@CMSLawFirmLLC]

Glad to help!

[@dorianbarnes3903]

Thank you for a simple explanation

[@quintonburkham50]

Would that have to be paid Before you could close the estate

[@adbluhd]

I’m in Ca I am beneficiary of estate if house was passed down would I need to pay the due on sale clause if I switch loan into my name. Or would it be best to just continue to pay off mortgage monthly.

[@CMSLawFirmLLC]

Why would you switch loan to your name? Interest rates right now around 7%. That loan probably in the 3's at least. Do the math. :)

[@bluegriffin7077]

What if it has a reverse mortgage does this still apply

[@Lorddarthvader1701]

We are going to inherit the house we live in with the owner that is dying and are just going to continue paying the payment

[@CMSLawFirmLLC]

Do it.

[@extremekilla316]

I did a executors deed of assent

[@fortedelivery8379]

If my son passed with a mortgage on his home has no children as the mother would I be able to inherit the home as long g as I keep mortgage paid. And can I transfer the home to me.

[@CMSLawFirmLLC]

It depends on the state, and if the father was alive (if he was you'd likely each get half). And yes, if you pay the mortgage you can keep the house (usually).

[@AppalachianHivery]

Thanks Chris! Tell Keebler hi 👋

[@gregmurray9641]

My grandmother passed away without a will. My dad has already passed leaving me the sole inheritor. Ive lived here for 4 years now with my grandmother and paid her morgage. Will i trigger the due on sale clause when i inherit the home?

[@CMSLawFirmLLC]

No.

[@kingwillie206]

You have a lot going on and can end up being asked by the bank to qualify for the loan. It’s one thing if you are already the owner, and another if it’s still your grandmother’s estate. You need to call this attorney for a consultation immediately.

[@sabrinaann7623]

Both of my parents passed in 2013 leaving a Home Equity loan on the house. I'm the heir of the property. Am I responsible for the Home Equity home?

[@CMSLawFirmLLC]

Let me put it to you this way - you don't have to pay off the loan, but if you don't they'll sell the house to pay it off (and you get the difference). You can keep the house and pay the loan or sell the house and pay the loan.

[@carmella88]

What if someone is on snap and medicaid but have a lot of debt. If they pay off the debt will this still disqualify them from snap and medicaid?

[@susiefloosie8885]

I have inherited property that needs work. i do not want the house and selling it to an investor will actually not pay off the mortgage. Can I let the property go into foreclosure and would I owe anything at the end of the year?

[@a.d.s.9376]

Same question

[@kingwillie206]

It depends on the state and whether or not the sale results in a deficiency.

[@pknbit536]

The mortgage was paid of and the judge is still holding our funds in probate.

[@lovelife27]

what state are you in?

[@caseymckee2814]

❤ 🅿🆁🅾🅼🅾🆂🅼