Posted on: 03rd Nov, 2008 10:34 am
my greataunt passed away not leaving a will. On the deed it states tenants in common with my uncle. Our family hired an estate attorney to make her next of kin (her son) the administrator of her estate which was complete. Both of them want to transfer ownership to me but there is a mortgage. On the agreement she was the primary borrower and my uncle is the co-borrower. We had not contacted the mortgage company. Both of them are unable to carry the mortgage payment and taxes. The home was purchased 15 years ago and has never be refinanced in the past. What should be our next step? The property is in westchester county NY
The best course of action would be to do both simultaneously just like any purchase transaction. Essentially what you are doing is purchasing the property from the estate for the bargain price of the current mortgage amount. Hope this helps.
Hi probinson!
Welcome to the forums!
As far as I know, once the ownership of the property changes, then the lender asks to refinance the mortgage. So I think you will first have to transfer the deed in your name and then refinance the property.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
As far as I know, once the ownership of the property changes, then the lender asks to refinance the mortgage. So I think you will first have to transfer the deed in your name and then refinance the property.
Feel free to ask if you have further queries.
Sussane
Agree with apexoffice, no reason you can't do this simultaneously
testing
thanks for the responses. Do you all think it would be easier to re-finance with the current lender or get pre-approved with another?
Hi Guest!
If your original lender agrees to refinance and offers good terms and conditions which you can afford, then you can refinance your loan with the current lender. If the lender is offering you refinance or the terms and conditions that does not suit you, then you can try refinancing with another lender.
Thanks.
If your original lender agrees to refinance and offers good terms and conditions which you can afford, then you can refinance your loan with the current lender. If the lender is offering you refinance or the terms and conditions that does not suit you, then you can try refinancing with another lender.
Thanks.