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My father recently passed away and he was married at the time of death, however my step-mother's name is not on the house.

She is trying to get her name on the house by assuming the loan. I know that her credit score is not high, but the mortage company will not run a credit report until the aires to the estate sign legal paperwork appointing her as executor of his estate. We are willing to do this for the most part, but our fear is that she will not qualify for the loan amount, and we would have given her control over everything and she still looses the house because she can't afford to make the current payment amount. Is there another way to get this done besides refinancing and doing this paperwork for her to be executor of his estate. by loggins188 from , . Jul 16th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

This is more of a legal question and would be best if you contacted an attorney for advice.. however in general, state laws vary when it comes to a surviving spouses assumption of a mortgage from the deceased. Some states allow it with no credit check or qualifications.. other states don't.. it's best you contact a real estate or probate attorney in your state and get him all the details so he can properly advise you.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

In most cases, the estate can take the mortgage subject-to, by making the payments on time, and without qualifying to assume the loan. Any family member can administer the estate, with the agreement of the siblings. You will need to probate the estate in any case, in order to get clear title to the property. If she is over 62, the property may qualify for a reverse mortgage. For individual consultation at no charge on both probate and reverse mortgage questions, contact me, Dave Metsker, at 503-620-2239, or primefinancial@frontier.com

Jul 16th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Hello -- sorry to hear about your loss. This is very trying time for you all, and unfortunately many may try to take advantage of you in this time.As William said, this is really a legal question, and if your father did not leave a will, it could get to be a bit sticky - please contact an attorney. Even if there is a will, then it will have to be probated. There may be some issues getting the current payments made, depending on how theirbank accounts were set up. As Dave said, if your step-mother is over 63 and there is sufficient equity in the home, there could be a possibility of a reverse mortgage, which does not require a credit check, and then the only payments she would have to make ongoing would be taxes and insurance.You might want to talk to a tax accountant as well, just to make sure any decisions don't have negative tax consequences.Then I would suggest finding a good local licensed mortgage professional to help you through the process.Blessings on your family during this transitional time.

Jul 16th 2013
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

Is your step mother 62 years or older? She could buy the house with a reverse mortgage purchase.

Jul 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Sorry for your loss.Speak with a probate attorney, and real estate attorney and let them know the situation so they can tell you what the state laws are.regarding surviving spouse. If your step mother is 62 or better she could buy or possible refinance the house with a reverse mortgage. With a reverse mortgage there is no income or credit required, it is based on the available equity in the house.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Jul 17th 2013
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Mark Collins (ahfund)
#129 ranked lender in Florida - 13 contributions

My prayers are with you and your family. As for your situation, it sounds complicated. Your answer will not be found on a forum like this no matter how well intended the replies are. With that said, I do not believe assuming the mortgage loan would extend ownership to your step-mother. I am not an attorney but would think the court will decide how to handle the property since you do not mention a will. The recommendations for a reverse mortgage are very good since your step-mother's credit will not be an issue and there would be no payments. Proceeds from the reverse mortgage can be used to retire the existing loan and if desired any remaining amount can be distributed, subject to legal restrictions, according to everyone's wishes. If hiring an attorney is a financial burden for you, you might try a pre-paid legal plan like Legal Shield. Visit http://www.ourfundamerica.com/xsites/Mortgage/FundAmericaLLC/content/uploadedFiles/LegalMistakes.pdf to get information about an independent Associate I recommend. God bless you.

Jul 17th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Simply stated, the lender cannot require your step-mom to qualify. I have been personally involved in two similar situations and it is much to difficult to give you a clear answer as to what steps you should take without getting some answers first. Although it can be very easy, it is also very easy to make it hard. I can help. Please give me a call. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jul 17th 2013
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David Sanders (David_Sanders)
#811 ranked lender in California - 59 contributions

Hi Loggins, My sincere condolescents... Don't worry about her credit. She will assume the loan as is per federal law. If she doesn't make the payments then she will foreclose the home. IF she wants to refinance for any reason she may not be able to without atleast a 620 credit score and meet DTI requirements. (debt to income). She may want to consider a reverse mortgage like the other have said. You guys need to talk to an attorney, tax accountant and a professional licensed mortgage broker in your area. If you live in California. I'd love to give you some options. David Sanders. 760-616-1882 www.homeloansbydavidsanders.com www.crossroadsfunding.com NMLS 1052080 DRE 01930045

Jul 17th 2013
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