House Is Willed to Father, Father Says I Can Keep House

[Mark2626]

There is $100,000 owed on the house that is willed to the father. He says I can have the house if I give him $5000. This is because he does not want to have to keep up the house or put money into it to sell it. He knows it has to go into probate. My question is will the mortgage company recognize me as the new owner of this house or will they just say no you cannot do this. Thanks for the advice, your services are greatly appreciated.

 

[seniorjudge]

Who is he?

Who died?

Who are you?

The GENERAL rule is that all liens must be paid off before you get any stuff out of an estate.

 

[lwpat]

You can talk to the existing mortgage company and see if they will allow you to take over the mortgage. Otherwise you will need to get a new one. What you want to do depends on the rate and if you qualify for a new loan.

The house will have to go into probate and the personal representative is the only one that can sign the deed. If you are next in line, your father can disclaim and the house will go directly to you.

Your next option is a "rent to buy" but be sure the paperwork is prepared by an attorney.