Can you get a mortgage for a property that is required to go through probate?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can you get a mortgage for a property that is required to go through probate?

How can a bank provide a mortgage for a house that is not deeded to the person
and must be included in the probate application? Additionally, a family member
wants to buy the other sibling’s share of the property. Some are not willing to
sell, so they would never have full ownership of the deed.

Asked on September 14, 2017 under Estate Planning, North Carolina

Answers:

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

Answered 3 years ago | Contributor

Are you asking about the mortgage becuase it is happening in the estate or for reference becuase you wish to buy out the other beneficiaries?  So the simple answer is you can not get a mortgage for a house you do not own.  But in the case of an estate, you can begin the process and do a refinance and take the property by executor's deed at the same time.  The lender will require their own specific documents from the estate to start the application so that you would have to ask of them.  However, if some of the parties are not willing to sell you are stuck.  You may then have to bring an Action for Partition.  Seek legal help.  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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption