Posted on: 19th Apr, 2011 08:40 am
my fiancee inherited his mothers home he lives in with a mortgage. he was named in her will as executor and it went thru probate but we have been making the mortgage payments for almost a yr now. we have to go talk to the bank in a few days and they were saying that he would have to reapply and get a mortgage in his name. y cant he just keep the current one?? is there a way to. we have no idea what our options are. :?
hi peachez94,
welcome to mortgage fit,
the bank officials have guided you in the right direction.if you refinance on your name then you will be able to claim all the associated advantage of having mortgage.one of the prominent is you will be able to get the tax exemption .you get the chance to improve your credit score.
if you continue with the current situation you will not be able to get those added advantages.
feel free to ask any further query if you have....
dipa
welcome to mortgage fit,
the bank officials have guided you in the right direction.if you refinance on your name then you will be able to claim all the associated advantage of having mortgage.one of the prominent is you will be able to get the tax exemption .you get the chance to improve your credit score.
if you continue with the current situation you will not be able to get those added advantages.
feel free to ask any further query if you have....
dipa
Peachez, the issue here is not so much what advantages you can get, but that the mortgage that the lender holds in unenforceable because ownership of the property has changed. When a property is transferred from the original owner/borrower to another party, that mortgage is due and payable in full.
That's why they're asking you to pay off that loan with a new mortgage. Tax advantages aside, the name on the house title and the borrower on the mortgage note are meant to be the same.
That's why they're asking you to pay off that loan with a new mortgage. Tax advantages aside, the name on the house title and the borrower on the mortgage note are meant to be the same.
