Q: I live with my kids in my recently deceased (a few wks ago) father's house and have paid the mortgage since he bought it
5 years ago and continue to do so. My father purchased the house for me since my credit is bad (bankruptcy). The mortgage is in his name. I have paid 20k of the principal to date. Unfort, the house is not specif mentioned in his will. My brother is executor. Assuming my family (mother, brothers) will cooperate, which I'm not yet sure of, can I take over the mortgage under Garn-St. Germain? We have not yet contacted the bank. I continue to pay the mortgage. How do we proceed? what will the bank ask for in writing from the estate/executor since the house is not mentioned in the will? My brother and I are not the best of friends, though we are corresponding. He has been very interested in the market value of the house and has been asking me questions that lead me to believe he may want to sell it (the house is worth probably 30k more now over purchase price, as it was a short sale). What are my rights here, as I want to take over the mortgage and continue living here. Thank you, Debbie
A:
I am not an expert on that act, but I believe it only applies where a property is transferred from the owner into a trust where the owner is the beneficiary. So, I don't think that applies.
Unless your brother will cooperate, you may be forced to sell the house, unless you can buy out your brother's interest. You may be able to claim some equity in the house if you can show that you paid any of the down payment and/or for paying down the mortgage, which would reduce your brother's share.
You may also be able to demonstrate to the bank, based upon your payment history, that you are now qualified for the mortgage, especially since you will have at least $15,000 (or more if your brother gives you credit for your payments) of equity in the house when you apply for the mortgage.
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