Posted on: 06th Apr, 2009 07:46 am
my dad has a first lien heloc on his residential property. he wishes to release this property to me as an inheritance. will i be able to take on the loan when he is deceased and continue making payments on the outstanding balance, or do i need to refinance?
Hi Jmendes,
In order to take over the loan you need to refinance the property. The lender will want you to refinance the loan in your name as soon as you become the owner of the property.
Thanks
In order to take over the loan you need to refinance the property. The lender will want you to refinance the loan in your name as soon as you become the owner of the property.
Thanks