Posted on: 09th Sep, 2013 10:32 am
My mom recently passed and named me as the executor in her will. She left instructions for me to dispose of her house as I see fit. Her house has a mortgage on it and a construction lien and is undervalued. I'm thinking of renting it out and wanted to know the following:
1. Can I legally rent it out and pay the mortgage with her name still on the title and mortgage? Will the mortgage company let me do that?
2. Should I file a quit claim deeding the property over to me and what would be the financial implications to me?
1. Can I legally rent it out and pay the mortgage with her name still on the title and mortgage? Will the mortgage company let me do that?
2. Should I file a quit claim deeding the property over to me and what would be the financial implications to me?
Hi Guest!
Welcome to the forums!
If the mortgage company receives the payment on time, then they may not create any problem regarding that property. But it is better to get the property and the mortgage transferred in your name. You cannot file a quitclaim deed now that your mother is deceased. As there is a will, you need to probate it.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If the mortgage company receives the payment on time, then they may not create any problem regarding that property. But it is better to get the property and the mortgage transferred in your name. You cannot file a quitclaim deed now that your mother is deceased. As there is a will, you need to probate it.
Feel free to ask if you've further queries.
Sussane
Hi Guest,
It may be difficult for you to rent the property if the title and the mortgage is in the name of your deceased mother.
Thanks
It may be difficult for you to rent the property if the title and the mortgage is in the name of your deceased mother.
Thanks