Posted on: 11th Nov, 2007 07:13 pm
My mother passed away and recently refinanced her home loan. before the refi, i was on title to the house with my mother. after the refi, i believe that the title papers were changed to her name only, but our family knows that upon her death, she wanted me to have possession of the house. my question is can i assume her loan, being that she had no will, had no credit life insurance on the loan, and i have a foreclosure in my history?
Thanks
Thanks
Not likely, what you need to do is to contact the mortgage company and tell them of your mothers death and they will tell you what your options are.
Hi dubp,
Welcome to forums.
Since your mother hasn't left any Will, therefore you need to file an Affidavit of Heirship which will help in transferring property in your name. Now, as Eugene said, you need to contact the mortgage company and inform them that you are planning to get the property in your name because without doing so, they will not allow you to take over the loan.
There isn't anything as assumption of loan possible because assumption occurs when a buyer purchases property from seller and also takes responsibility of his mortgage which is then transferred in his name.
The fact that you have a foreclosure may affect your chances of getting the loan in your name but the company will surely want to get it's money back. And for that it will either hand over the responsibility to you or ask you to sell the home and pay for the loan asap.
Take Care
Welcome to forums.
Since your mother hasn't left any Will, therefore you need to file an Affidavit of Heirship which will help in transferring property in your name. Now, as Eugene said, you need to contact the mortgage company and inform them that you are planning to get the property in your name because without doing so, they will not allow you to take over the loan.
There isn't anything as assumption of loan possible because assumption occurs when a buyer purchases property from seller and also takes responsibility of his mortgage which is then transferred in his name.
The fact that you have a foreclosure may affect your chances of getting the loan in your name but the company will surely want to get it's money back. And for that it will either hand over the responsibility to you or ask you to sell the home and pay for the loan asap.
Take Care
Assuming the transfer of title issues can be resolved, there might not be a problem IF AND ONLY IF you intend to occupy the property. You did not indicate the type of existing financing but you might review Fannie Servicing guide III, 408.02, specifically bullet point dealing with heirs.
Hello Dubp,
I agree with Sara. First of all, you have to notify the lender about your mother's death. If there is no will, you can claim the property only by filing an affidavit of heirship.
If there's a change of ownership, the lender has to be informed about that and then you have to get the loan in your name.
I agree with Sara. First of all, you have to notify the lender about your mother's death. If there is no will, you can claim the property only by filing an affidavit of heirship.
If there's a change of ownership, the lender has to be informed about that and then you have to get the loan in your name.