Q: Can I take equity out of a home if I am not on the original loan or deed, but legally inherited property (home)?
My spouse died and I was not on the loan or the deed the home. The home has a debt on it. I know I can get the deed done up, but what about the loan? I know the debt doesn’t go away and I need to figure something out about that like try to assume it if I want to stay or find a way to pay it off. What about the equity? Can I get anything they put into it and I wasn’t on the loan? I’m weighing my options. If I can’t pay if off, I guess I’d eventually sell it and move if I don’t want the mortgage payments. I have no money to pay it off.
Isn’t taking the equity out of the home and trying to stay there the same as “refinancing” to an extent ? Basically, I don’t want to have my my credit ran either way.
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A: You may be able to find a lender for a refinance, which will require you to have it of record how you own as an heir. Affidavit of Heirship and/or probate will be in order. Your credit will be involved. Once you have a source of title, you may be able to sell it subject to the secured debt.
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