If my parents have died intestate, can I assume the mortgage on their house or will I have to buy it outright?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my parents have died intestate, can I assume the mortgage on their house or will I have to buy it outright?
Asked on March 2, 2012 under Estate Planning, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. Dying intestate and assuming a mortgage really have nothing to do with each other legally. Most lenders do not have an asumption clause in a mortgage anymore. There is what is known as a due on sale clause meaning that the lender can call in the mortgage upon a transfer of the deed except as in your case it is transfered pursuant to a transfer to a relative resulting from the death of a borrower.
You just continue to pay it. That is the federal law. Get help though. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.