Q: Can I assume my deceased mothers mortgage after paying my siblings an agreed upon price for her home?
My mother recently passed and in her will she left her house equally to me and my two bothers. We have an agreed upon price for the home however there is still a bank mortgage on the property. If I were to pay my brothers their share is there anyway I can assume the mortgage in my name? Would I have to make a loan application or could I just take over payments and terms?
The property is in California and it is stated in the will an heir can pay off the other two heirs on an agreed upon price less their interest in the home; however there is still an outstanding loan of about 50k on the property. How should this be handled?
Thank you.
A: You may need to refinance the mortgage in your name after you acquire sole ownership of the home from your siblings. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
Zaher Fallahi agrees with this answer
A:
There are several ways this could be handled, but to answer your first question, no you cannot assume the loan unless the bank agrees, which is unlikely.
If the home is worth more that 50K you have to open a probate. Once you get into probate, unless you want the home sold, mortgage paid off and the remaining proceeds split three ways, you will need to come up with some creative ideas to get the home transferred to you pay off your brothers and the mortgage. Contact a probate attorney in your area. They will have seen this situation before and be able to help you.
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