Q: Estate: Mortgage if I transfer the house to my name what to do about the mortgage? house worth 230k min?
Daughter died House refinanced in 2018. should have owed 138 left on house worth 230-300 k. What happens once house goes in my name(mom) in estate. Can I continue to pay her mortgage or would I have to refinance. How does it work? Or is it up to mortgage company.
A: Very sorry for your loss and the passing or your daughter, please accept my condolences at this sad and difficult time. You are going to need to speak with a probate attorney in the state where the property is located. Generally speaking, especially if this is in Florida and this was your daughter's homestead, the property is protected substantially and you will be able to assume the mortgage on the homestead if you live in the property, otherwise, you may have to refinance if you are not going to live in the property and or it is going to be a rental, you will also need to look into the insurance on the property. Remember, Florida is very strict about homestead property, therefore it will be important who survived your daughter (spouse, young children), was there a Will, was the estate intestate (without a Will). You should start with a probate attorney in the state where this is taking place and they will be able to better and more precisely advise you based on additional details and specifics you are able to provide.
Nina Whitehurst agrees with this answer
A: Once the judge has signed the homestead order which transfers the home to you, subject to the mortgage, you will provide a certified copy of the order to the mortgage lender, and the lender will acknowledge you as the homeowner. Under federal law, the lender cannot require you to assume the loan or refinance; instead, if you wish, you can just continue to make the payments under your daughter's mortgage. It is very important that you do not miss a mortgage payment even while you are waiting to go through the estate process. There is no grace period when a borrower dies.
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