Posted on: 12th Nov, 2009 06:14 am
Hi,
Me and my uncle own a joint property in US. The loan is in my uncle's name. I am not in US. If he dies then the property will be in my name I know that and there will be no probate. What will happen the loan? Mortgage company will transfer the loan to my name even I don't resides in US? I know that I will be able to pay the mortgage everymonth from rental income.
Me and my uncle own a joint property in US. The loan is in my uncle's name. I am not in US. If he dies then the property will be in my name I know that and there will be no probate. What will happen the loan? Mortgage company will transfer the loan to my name even I don't resides in US? I know that I will be able to pay the mortgage everymonth from rental income.
the mortgage company will have no way of knowing your uncle passed away so they will not initiate anything. you may inquire to see if the loan is assumable, if it is not you will need to refinance and qualify for the loan.
>>If he dies then the property will be in my name I know that and there will be no probate.
That'll depend on how the Title was drawn up. Did an Attorney do it for you, with the goal of avoiding Probate? Or did you do it by yourselves?
That'll depend on how the Title was drawn up. Did an Attorney do it for you, with the goal of avoiding Probate? Or did you do it by yourselves?
