Am I able to acquire my parents mortgage? StateOhio

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Am I able to acquire my parents mortgage? StateOhio

Parents died without will.. was going to go to
probate to have them decide. Recently seen it
could be a small enough estate to no have to
go to probate.
Should I just continue to pay mortgage on the
house till its paid off an i recive the deed. The
ln just have a notary change the name to mine
?
Also the mortgage cant talk to me about
anything.
An for me to accept the mortgage loan now I
would have to have a 640 credit score. Which I
do not have.
What would be the best way to acquire the
house in my name?

Asked on December 1, 2017 under Estate Planning, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I am so sorry for your loses.  So when a child or another inherits property from their parents they can continue to pay the mortgage even after the house is transferred via Executor's Deed because it is not considered a "transfer" within the meaning of the mortgage language and does not trigger the "due on sale" clause. However, you do need to trasnfer the property with the Probate Court's approvl but you may be able to do so with little cost and court intervention.  I would suggest that you call your local bar association and ask about finding a Probate attorney to consult with.  Pay them the consultation fee and see what you need to do.  If you trust them then ask for a flat rate to do the work.  It should be minimal.  Good luck.


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