mother recently passed leaving house to me with a mortgage
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mother recently passed leaving house to me with a mortgage
passed with will leaving houses with 70,000 mortgage. house valued at 140,000.
can I take over mortgage and lease house
Asked on May 5, 2019 under Estate Planning, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, you can't take over the mortgage unless the lender voluntarily allows you to do so, and they are very unlikely to do that. They want you to pay off the mortgage, which became due in full when your mother passed away, either in cash or by refinancing it. They are under no obligation to let you assume (take over) and existing mortgage, and if you fail to pay off that current mortgage, they can foreclose.
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