Posted on: 30th Mar, 2010 11:01 am
My mom signed a legal form giving me ownership at her time of death. She has passed away. The house still has a morgage on it. What rights do I have? Can the property be sold by me? Can I keep the home and rent it? What is the mortgager's role in this situation?
Hi darlal,
You are the owner of the property now but you are not liable for the mortgage dues. You can refinance the loan in your name and start paying off the dues. This will help you in saving the property. You can also rent the property. However, you need to make regular payments on the mortgage. If the mortgage payments are not made on time, the lender will simply foreclose the property.
You are the owner of the property now but you are not liable for the mortgage dues. You can refinance the loan in your name and start paying off the dues. This will help you in saving the property. You can also rent the property. However, you need to make regular payments on the mortgage. If the mortgage payments are not made on time, the lender will simply foreclose the property.