Q: My father is the mortgagor for my brother.
My brother purchased our childhood home from my father. My father agreed to hold the mortgage which is legally recorded. Does he have to get a new mortgage to pay back the estate in order to settle (there are 4 of us) or can he take his portion of the inheritance and put it towards the balance and refinance the remainder? We are trying to not make him go get a mortgage prior to the close of the estate because he will be getting his portion of the inheritance and he could put some of that money towards his mortgage to lower his payment.
A: This question is best to be answered by a probate attorney in Pennsylvania if you don't have an attorney assisting with probating the estate already. While it's likely accurate that the heirs can all agree to use his inheritance towards a new mortgage and possibly distribute his share to him early, I would suggest consulting with an attorney specializing in Pennsylvania probate to be sure. Some of us also provide free consultations so you can discuss and select the best attorney for you. Good luck!
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