Posted on: 02nd Jun, 2011 06:41 pm
Hello,
My father passed away 5 years ago now, but me and my siblings have been paying the mortgage. We recently got the deed under all four of our names thru the probate process. We are current with the payments but would really like to lower them as they are pretty high. Is there a way of doing this without getting the loan under our names?
My father passed away 5 years ago now, but me and my siblings have been paying the mortgage. We recently got the deed under all four of our names thru the probate process. We are current with the payments but would really like to lower them as they are pretty high. Is there a way of doing this without getting the loan under our names?
Hi Guest!
Welcome to forums!
In order to lower the interest rates and the monthly payments, you need to refinance the loan in your names. Unless you do so, the lender will not be ready to lower the payments in any way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to lower the interest rates and the monthly payments, you need to refinance the loan in your names. Unless you do so, the lender will not be ready to lower the payments in any way.
Feel free to ask if you've further queries.
Sussane
Because you and your siblings were not originally parties to the promissory note, the lender cannot simply make a change to that note at your behest.
In order to accomplish what you're hoping to do, it would require that you refinance the existing debt, as Sussane noted.
In order to accomplish what you're hoping to do, it would require that you refinance the existing debt, as Sussane noted.
