My mother passed away and she named me and my husband to remain in the home (we've lived with her the last 9 years) and take over the mortgage. The mortgage company first said we can assume the loan. Then they called back and said it's not "assumable" we would have to refinance to get it in our name.
Let the mortgage company know you are not trying to assume the loan, but that you are the successor in interest and what they need to add you as such to the loan
My mother had a handwritten paper notarized stating/ that in the event her death or her grandson's death the other would take over the payments on the on mortgage loan. Why are the mortgage statements addressed to - in the estate of my mother's name?
Im not sure about changing who the mortgage statement is addressed to, but i would make sure the current owner who inherited the property gets added as a successor in interest
My parent passed away the only document that has my name on it is the lady bird deed in FL. What are the next steps with the mortgage company. I’ve been living in the house
can a notarized letter be sufficent from the homeowner i have a home and would like to leave it to my sister and let her assume the payements or it has to be a will
I would consult an attorney but from what I've seen a trust is the best way to handle this otherwise it can be a mess for your sister if you pass with just a notarized will. There are taxes, probate and other potential issues you will want to be fully aware of before you do this instead of a trust
you shouldnt have to assume the loan, you should be able to get authorized to have full access when you contact them to show them you are the legal owner and present the death certificate
My MIL has an issue in which she's on her deceased brothers will for the home because they bought it together but it was only in his name. I think she is the successor in interest but every year they send large escrow over payment checks in her brothers name and she can't cash them. How can she get the house and mortgage under her name in order to get the checks under her name?
She would need to call the loan servicer/ customer service to go through the process of getting added as a successor in interest and then have the checks cut to her.
My daughter is on the deed on my home as a legal co-owner but not on my mortgage. She also lives here with me helping take care of me. If I pass away suddenly can she have the mortgage transferred to her name and make the payments without requalifying credit wise by asking for a successor in interest? Can the mortgage company stop her and say, you have to get a new loan on your own somewhere? It is a conventional mortgage, non FHA, non VA, non USDA,.We also have a will which states everything goes to her. Thank you. ?
If you pass away yes she can continue making payments and not have to refinance or qualify. I would personally recommend setting up a trust over a will, and putting the property in the trust so its easier for her to take legal ownership when the time comes as well.. but regardless as long as the payments are made on time she wont have to refinance or do anything with the mortgage
Father passed away, no will or trust, I have been appointed head of the estate, the house is not in probate. I have been put down as the person that is to assume ownership of property once probate is over. Could I still sell the property, pay off the mortgage and put the rest of the money in the estate account until it's time to divvy out funds?
I am in Texas. I just recently had my attorney file a Transfer on Death deed naming my two kids as owners upon my death. My home still has a mortgage. I have no trust or will. Are my kids going to need anything else to assume the mortgage?
I would confirm with your attorney that will give them full ownership of the property, but if so then yea that plus copies of the death certificates should do it
My grandfather passed away , and he has three kids that are giving me the house . Will I have to refinance the house or will I be able to take over the payments ?
My grandma is currently in a bankruptcy and in a nursing home. If she were to pass away and she left the home to me in her will could I still keep the home as long as I'm continuing the payments?
If she leaves you the home and you are able to meet the mortgage obligations if there are any on the property you should be able to but i would speak to her BK attorney to see how that will impact the home, and i would make sure you put a trust together vs a will
@@LoansbyJB ok that's great news and a huge relief! I live there still so it's nice to know I will be able to just continue making the payment on the mortgage. She currently has a will with me as the heir. I wouldn't be able to open up a trust though as she unfortunately has dementia and is no longer able to make decisions for herself. Unless I were to obtain power of attorney or guardianship over her but for now it's just a relief to know I wouldn't have to leave my home. Thank you for the info and your time!
My friend lost her husband and they just purchased a house on march in the state of Georgia. He applied for the FHA loan but her name is also in the papers. What will happen in this case. The loan will be paid by the FHA insurance that FHA loan requires or not? Thank you.
FHA insurance does not payoff the home, its only to protect the banks from losses, it does not protect the homeowner from foreclosure if payments are not made
I actually have a more recent video up that explains a little better. But if you are the legal owner you do not need to assume the loan , you will have all the rights that the late owner had for the most part.
@@LoansbyJB This is in regards to my mother but only challenge we are trying to conquer now is having the forbearance payments deferred to the rears of the mortgage note.
@@Topps44 They should be working with you in the same capacity they would have your mother, but with regards to modifications, and deferments they might ask for your proof of income and qualifications at that point, but they would possibly require that regardless
I will be reaching out to my probate attorney but still wanted to ask for clarification. My dad passed away and has a mortgage on his house still. He has a will but house needed to go through probate. A rep of his mortgage servicer said that i would need to refinance the house into my name, rather than inherit it with the current interest rate he has (3%!!!). It is totally contradictory infortmation that my attorney told me, as she said I would inherit what he has fixed right now. Is this rep incorrect?
@LoansbyJB thank you so much for your prompt response. Her info totally freaked me out! My Dad's mortgage servicer just got sold to another servicer so I will not be working with that rep. Reaching out to my attorney as well to ask about further details! So important to be educated on these things so we're not taken advantage of. Thank you for your video!!!
@JL-fo9rz with my dad unexpectedly dying at the worst time possible and me being 34 weeks pregnant in the middle of it all, I'm fine with with her handling probate matters and her payout. Lmao
My parents are beginning to think about the future, and they would like for me to inherit the home after my father passes away what legal documents do we need to have in place an order for that to happen and the loan company doesn’t take it or the government take it?
I would speak with a trust attorney, and look into having a trust created for the home and to ensure everything goes according to their wishes when they pass
My father passed away 2 years ago. I'm the executor of the estate and I'm living in his home and been paying mortgage and taxes. I'm going through probate. The judge said they can't close the case until my name is on the home. He was going through a credit union for mortgage. Do I have to do a new home loan or how do I get the house in my name. Thank you
I would reach out to a local real estate attorney to see about adding your name to title. The mortgage company doesnt really have anything to do with your name being on the actual home, that would be the title to the property and a real estate or the probate attorney should be able to assist or give you the steps
So, my husband died a couple of years ago. We are both on the mortgage and deed. I haven't let the mortgage company know of his death because I am afraid they will make me reapply for the loan.
First off im sorry for your loss. Secondly the mortgage company cannot make you requalify for the mortgage, if you are already on the mortgage and deed nothing changes, and you can notify them if you'd like but it wont change anything on the current loan terms.
I'm in the same ordeal, don't know what to do since my husband just died last July only after 3 months I was stable enough to work on our mortgage since I don't want to lapse any payment. I was granted or confirmed as successor in interest but they say I still have to fill up forms for assumption of the loan. We have VA and one conventional loan. Please help before I made or sign anything.
I am the beneficiary of a home that was placed in a trust. What steps do I take to get it out of the trust? Do I leave it in the trust and just start making payments? Can I rent it out?
I would contact the trust attorney to see about putting the home in your name, and you can just start making payments no issues there regardless. But with title i would work to put it in your name or in your own trust ... i dont see any reason you wouldn't be able to rent it out if you are the legal owner
What about when a sister dies and she doesn’t have a will or trust can I move into house and pay - what I’d it goes to probate after I’ve been living there
you should contact a probate attorney as soon as possible to find out your options. This video only pertains to someone that has completely inherited the property already. You would have to go through the process first of becoming the legal owner
Thanks for the video. Just assumed my mothers mortgage after a succession. Was curious though, what act or laws were you referencing? I’d like to be armed with that information if needed.
If you modify the loan to get a better rate do you have to be on the new documents or does everything as far as the financing stay in the deceased name? Thanks! 🫡
Thats a great question, I actually have no idea. The modification would be based on your income and assets so i would assume yes, however i dont know for sure... it might just have your name on the modification as the successor in interest but still not report to your credit i would assume
Straight to the point 👍🏾
🙌
My mother passed away and she named me and my husband to remain in the home (we've lived with her the last 9 years) and take over the mortgage. The mortgage company first said we can assume the loan. Then they called back and said it's not "assumable" we would have to refinance to get it in our name.
Let the mortgage company know you are not trying to assume the loan, but that you are the successor in interest and what they need to add you as such to the loan
Beautiful beautiful beautiful thank you beautiful for your wonderful information
my pleasure
I like short videos full of good information.
im glad you like it!
😊thank you for your kindness and dedication
Thank you!
What if they have debt from credit cards? Do I have to pay them or when I sell the house
Thank you so Much for this so straight forward and simple! If you are still active on yo ur channel does this still stand?
Hello I am pretty sure its still the same rules/ laws in place for this
What if one of the children wants to live in the parents house what do he or she need to do
Depends if they legally inherited the property or not, but basically keep making the payments regardless
A successor in interest that’s a great term that I learned today, thank you so much sincerely edel
My pleasure!
My mother had a handwritten paper notarized stating/ that in the event her death or her grandson's death the other would take over the payments on the on mortgage loan.
Why are the mortgage statements addressed to - in the estate of my mother's name?
Im not sure about changing who the mortgage statement is addressed to, but i would make sure the current owner who inherited the property gets added as a successor in interest
does this apply to the state of california???
yes it does
@@LoansbyJB I have some questions, but to much to write. Do you video catch? I am barely learning about probate and mortgage.
@@prettyp0is0n86 Sorry not sure what Video catch is? but feel free to reach out via email jbrown@nuhometeam.com
My parent passed away the only document that has my name on it is the lady bird deed in FL. What are the next steps with the mortgage company. I’ve been living in the house
can a notarized letter be sufficent from the homeowner i have a home and would like to leave it to my sister and let her assume the payements or it has to be a will
I would consult an attorney but from what I've seen a trust is the best way to handle this otherwise it can be a mess for your sister if you pass with just a notarized will. There are taxes, probate and other potential issues you will want to be fully aware of before you do this instead of a trust
Hi , am I the legal owner if I am on the deed but not on financing? Spouse is the decedent. I am trying to assume loan on property.
you shouldnt have to assume the loan, you should be able to get authorized to have full access when you contact them to show them you are the legal owner and present the death certificate
Hello, I would like to know how to gain access to property and do this??
you have to legally inherit the property and be the legal owner to do this
My MIL has an issue in which she's on her deceased brothers will for the home because they bought it together but it was only in his name. I think she is the successor in interest but every year they send large escrow over payment checks in her brothers name and she can't cash them. How can she get the house and mortgage under her name in order to get the checks under her name?
She would need to call the loan servicer/ customer service to go through the process of getting added as a successor in interest and then have the checks cut to her.
Helpful thank you
my pleasure!
Can I take a heloc on the assumed mortgage
When you assume a mortgage you shouldnt have an issue getting a heloc after unless you just dont qualify, but the assumed mortgage part should be fine
@@LoansbyJB thank you
no problem! @@ncp3077
My daughter is on the deed on my home as a legal co-owner but not on my mortgage. She also lives here with me helping take care of me. If I pass away suddenly can she have the mortgage transferred to her name and make the payments without requalifying credit wise by asking for a successor in interest? Can the mortgage company stop her and say, you have to get a new loan on your own somewhere? It is a conventional mortgage, non FHA, non VA, non USDA,.We also have a will which states everything goes to her. Thank you. ?
If you pass away yes she can continue making payments and not have to refinance or qualify. I would personally recommend setting up a trust over a will, and putting the property in the trust so its easier for her to take legal ownership when the time comes as well.. but regardless as long as the payments are made on time she wont have to refinance or do anything with the mortgage
@@LoansbyJB Thank you.
Father passed away, no will or trust, I have been appointed head of the estate, the house is not in probate. I have been put down as the person that is to assume ownership of property once probate is over. Could I still sell the property, pay off the mortgage and put the rest of the money in the estate account until it's time to divvy out funds?
yes, but definitely consult your probate attorney on the process to sell it through probate or after
I am in Texas. I just recently had my attorney file a Transfer on Death deed naming my two kids as owners upon my death. My home still has a mortgage. I have no trust or will. Are my kids going to need anything else to assume the mortgage?
I would confirm with your attorney that will give them full ownership of the property, but if so then yea that plus copies of the death certificates should do it
If you do A successor in interest , could that be considered a sale?
No it’s not
My grandfather passed away , and he has three kids that are giving me the house . Will I have to refinance the house or will I be able to take over the payments ?
If he had a reverse mortgage then yes you will, but if not , no you can simply continue making the payments and keep the mortgage current.
My grandma is currently in a bankruptcy and in a nursing home. If she were to pass away and she left the home to me in her will could I still keep the home as long as I'm continuing the payments?
If she leaves you the home and you are able to meet the mortgage obligations if there are any on the property you should be able to but i would speak to her BK attorney to see how that will impact the home, and i would make sure you put a trust together vs a will
@@LoansbyJB ok that's great news and a huge relief! I live there still so it's nice to know I will be able to just continue making the payment on the mortgage. She currently has a will with me as the heir. I wouldn't be able to open up a trust though as she unfortunately has dementia and is no longer able to make decisions for herself. Unless I were to obtain power of attorney or guardianship over her but for now it's just a relief to know I wouldn't have to leave my home. Thank you for the info and your time!
@@alonzoortega2472 no problem!
My friend lost her husband and they just purchased a house on march in the state of Georgia. He applied for the FHA loan but her name is also in the papers. What will happen in this case. The loan will be paid by the FHA insurance that FHA loan requires or not? Thank you.
FHA insurance does not payoff the home, its only to protect the banks from losses, it does not protect the homeowner from foreclosure if payments are not made
Doing a loan assumption after a death, do you have to financially qualify to assume the loan?
I actually have a more recent video up that explains a little better. But if you are the legal owner you do not need to assume the loan , you will have all the rights that the late owner had for the most part.
@@LoansbyJB gotcha! Thank you!
@@Topps44 no problem !
@@LoansbyJB This is in regards to my mother but only challenge we are trying to conquer now is having the forbearance payments deferred to the rears of the mortgage note.
@@Topps44 They should be working with you in the same capacity they would have your mother, but with regards to modifications, and deferments they might ask for your proof of income and qualifications at that point, but they would possibly require that regardless
I will be reaching out to my probate attorney but still wanted to ask for clarification.
My dad passed away and has a mortgage on his house still. He has a will but house needed to go through probate. A rep of his mortgage servicer said that i would need to refinance the house into my name, rather than inherit it with the current interest rate he has (3%!!!). It is totally contradictory infortmation that my attorney told me, as she said I would inherit what he has fixed right now. Is this rep incorrect?
That rep is incorrect UNLESS it was a reverse mortgage , but if it was not a reverse mortgage then no you do no have to refinance it
@LoansbyJB thank you so much for your prompt response. Her info totally freaked me out! My Dad's mortgage servicer just got sold to another servicer so I will not be working with that rep. Reaching out to my attorney as well to ask about further details! So important to be educated on these things so we're not taken advantage of. Thank you for your video!!!
Your attorney just wants to make money from you.
@JL-fo9rz with my dad unexpectedly dying at the worst time possible and me being 34 weeks pregnant in the middle of it all, I'm fine with with her handling probate matters and her payout. Lmao
My parents are beginning to think about the future, and they would like for me to inherit the home after my father passes away what legal documents do we need to have in place an order for that to happen and the loan company doesn’t take it or the government take it?
I would speak with a trust attorney, and look into having a trust created for the home and to ensure everything goes according to their wishes when they pass
My father passed away 2 years ago. I'm the executor of the estate and I'm living in his home and been paying mortgage and taxes. I'm going through probate. The judge said they can't close the case until my name is on the home. He was going through a credit union for mortgage. Do I have to do a new home loan or how do I get the house in my name. Thank you
I would reach out to a local real estate attorney to see about adding your name to title. The mortgage company doesnt really have anything to do with your name being on the actual home, that would be the title to the property and a real estate or the probate attorney should be able to assist or give you the steps
@@LoansbyJB thank you. Nobody can seem to help me. I appreciate the response
So, my husband died a couple of years ago. We are both on the mortgage and deed. I haven't let the mortgage company know of his death because I am afraid they will make me reapply for the loan.
First off im sorry for your loss. Secondly the mortgage company cannot make you requalify for the mortgage, if you are already on the mortgage and deed nothing changes, and you can notify them if you'd like but it wont change anything on the current loan terms.
I'm in the same ordeal, don't know what to do since my husband just died last July only after 3 months I was stable enough to work on our mortgage since I don't want to lapse any payment. I was granted or confirmed as successor in interest but they say I still have to fill up forms for assumption of the loan. We have VA and one conventional loan. Please help before I made or sign anything.
@@glennxcampsan5812 did you get answers to this question? We are in the same situation
I am the beneficiary of a home that was placed in a trust. What steps do I take to get it out of the trust? Do I leave it in the trust and just start making payments? Can I rent it out?
I would contact the trust attorney to see about putting the home in your name, and you can just start making payments no issues there regardless. But with title i would work to put it in your name or in your own trust ... i dont see any reason you wouldn't be able to rent it out if you are the legal owner
Also...will the bank pay off registered debt against a mortgage before paying off the home if a joint-owner dies..
no you would need a life insurance policy for that type of protection
Can someone negotiate registered debt against a mortgage if a joint owner dies?
yes the successor in interest/ legal owner will be able to request a hardship modification the same as the owner that passed
My spouse passed away, I’m the deed with survivorship . I have a good rate I just want continue paying as is. Is it possible? Thank you.
yes absolutely, and im truly sorry for your loss
What about when a sister dies and she doesn’t have a will or trust can I move into house and pay - what I’d it goes to probate after I’ve been living there
you should contact a probate attorney as soon as possible to find out your options. This video only pertains to someone that has completely inherited the property already. You would have to go through the process first of becoming the legal owner
Thank you. I was so worried I would lose my house.
My pleasure!!
Thanks for the video. Just assumed my mothers mortgage after a succession. Was curious though, what act or laws were you referencing? I’d like to be armed with that information if needed.
my pleasure! its called the Successor in interest legislation
If you modify the loan to get a better rate do you have to be on the new documents or does everything as far as the financing stay in the deceased name? Thanks! 🫡
Thats a great question, I actually have no idea. The modification would be based on your income and assets so i would assume yes, however i dont know for sure... it might just have your name on the modification as the successor in interest but still not report to your credit i would assume