Yorkville, IL asked in Contracts, Estate Planning and Real Estate Law for Illinois

Q: I inherited my mom's house. Can I assume the existing mortgage or do I need to refinance?

My mom created a revocable trust before she died, then amended it to specify, "Upon settlor's death, the following described real estate shall be transferred to [me]." Does that arrangement allow me to assume the current mortgage?

The Garn-St. Germain Act seems relevant here.

1 Lawyer Answer
Nina Whitehurst
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Answered

A: You do not have to assume the mortgage. Just notify the lender that you are the new owner, with documentation, and keep making the payments.

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