How can I assume the mortgage on a house that I reside in if I inherited from my late parents?
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How can I assume the mortgage on a house that I reside in if I inherited from my late parents?
My Dad’s name is on the mortgage that I
live in. The deed was changed a few
years back into my husband and my name.
I read that I would be able to assume
th e mortgage if I were a relative of
the deceased. How would I do that?
Asked on April 3, 2016 under Estate Planning, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
A mortgage is a contract. You can only assume it if either 1) the mortgage itself, by its plain terms, gives you the right to assume it (or at least does not have any terms or provisions stating that it cannot be assigned or taken over); or 2) if the mortgage does state you can't take assignment of it, the bank voluntarily chooses to waive that provision and let you assume the mortgage. There is no automatic right to assume the mortgage; it depends on what the mortgage and/or the bank/lender says.
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