Salt Lake City, UT asked in Estate Planning, Foreclosure and Real Estate Law for Utah

Q: if i inherited my mothers house and the ooan is still in her name 8 years after her death is there a way to discharge th

The loan? Is there any way that the statue of limitations has reached its expiration date since the loan is not in my name?

1 Lawyer Answer
Wesley Winsor
PREMIUM
Answered

A: It sounds like you're dealing with the process of managing ownership and financial responsibilities for a property following the passing of your mother. Here's a summary of the key points and steps you might consider:

1. **Determine Property Ownership:**

- Check if the house is solely in your mother's name or if you are a joint owner. The information is often found in the title deed.

2. **Probate Process:**

- If the property is solely in your mother's name, you may need to go through probate to transfer ownership to yourself or any other heirs. Probate is a legal process that validates a deceased person's will and oversees the distribution of assets.

3. **Loan Responsibilities:**

- The existing loan tied to the property must be addressed. Continuing payments can prevent foreclosure but doesn’t solve ownership or loan terms.

4. **Ownership Transfer and Loan Refinancing:**

- To fully take over the property and the associated loan, you might need to refinance the property. This means applying for a new loan in your name to pay off the old one.

- Alternatively, if you have the means, you can pay off the existing mortgage without refinancing.

5. **Communication with Lender:**

- Contact the mortgage company to inform them of the situation and explore options. You may continue making payments in the meantime to keep the loan in good standing and prevent foreclosure.

6. **Legal and Financial Advice:**

- Consider consulting with an attorney or financial advisor to help navigate both the probate process and any refinancing.

Taking care of these steps promptly is crucial to ensure a smooth transition of ownership and avoid potential legal or financial complications.

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