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AUnt left me her home, mortgage free, in her will. My sister is challenging the will but can I refi meanwhile to take out cash?

by formis759 from Colton, Ohio. Nov 4th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Possibly, but you may have issues. Typically, when someone dies with a will, the will must be probated. The purpose of probate is to finalize the finances of the deceased. An executer is assigned (in most states, by the court) and is responsible for gathering all of the final bills and identifies the assets of the estate. Usually, the bills get paid before any assets are distributed to the heirs as named in the will, at which time they can do as they please with the asset. If your sister is challenging the will, it is possible that the assets of the estate have not yet been distributed. Until the Title of the home is actually transferred into your name, you do not own it, and would not be able to pledge it as collateral for a loan. Some states have specific rules about who can and cannot contest a will, and still other states have specific provisions that can penalize someone that disputes a will. Please check with your probate attorney as to what your options are. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ 480-889-9000.

Nov 4th 2020
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