Posted on: 23rd Nov, 2009 01:33 pm
My wife inherited a home from her sister about 4 years ago, went through probate and everything is fine. Main problem is that the attorney did not change the deed. We recently recorded the executors deed to put in my wifes name. There is an outstanding loan of $23000 in sisters name. We are wanting to do some remodeling and get the house totally into our name. One lender told me it would have to be in her name for 12 months before doing anything.
If you plan on keeping the home long term, then get a loan program with a longer term. If you think you will either sell or get a new loan after one year, then just go for a 3/1 ARM
that does not really answer my question though. we are planning to stay long term, thus the remodeling. i just don't know if i can get an equity line or if we have to totally refinance. i also have been told that the house would have to be in our name for 12 mos for us to get a loan at all.
There are recent mortgage guidelines in the industry regulating how long one must be on title (ownership seasoning) in order to get a mortgage on the property. The guideline states that one must be on title 12 months in order to refinance if no one else on the new mortgage was on the old mortgage. You inherited, so no one on the old mortgage is on the new mortgage.
However, that guideline is usually not applicable to inherited properties. Any lender is allowed to make it applicable for inherited porperties for their own lending policies, however, that is certainly not the guideline across the board.
It appears you have checked with somone who requires 12 months ownership seasoning. Simply keep checking until you find someone who does not. It should not take too many phone calls.
However, that guideline is usually not applicable to inherited properties. Any lender is allowed to make it applicable for inherited porperties for their own lending policies, however, that is certainly not the guideline across the board.
It appears you have checked with somone who requires 12 months ownership seasoning. Simply keep checking until you find someone who does not. It should not take too many phone calls.
