Q: Can an only-child who moved in with her parents, now deceased, continue to live in house and pay parent's mortgage?
She moved into her parent's house a few years ago to help them in their elderly years. She is an only child. They eventually moved into assisted living and recently deceased. Can she just continue to pay her parents mortgage with no further action needed?
I found this below:
The Garn-St. Germain Depository Institutions Act of 1982 allows relatives inheriting mortgaged homes to take over their mortgages. Under Garn-St. Germain, you won't need to refinance your deceased parent's mortgage or even assume it.
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A: The Daughter does not want to be personally liable for the Note and Deed of Trust. She takes subject to the Debt as the Heir-At-Law, but she never becomes a party to the Secured Loan unless she assumes it. Additionally she is not personally liable for Taxes. But if the Note, Taxes or Insurance are not paid Foreclosure will occur without notice to her. At some time or another she will want to file an Affidavit of Heirship to tell the world she owns it.
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