Since I’m an only child and my mother just passed without a Will, if I’d like to refinance her house in my name, what rights do I have?

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Since I’m an only child and my mother just passed without a Will, if I’d like to refinance her house in my name, what rights do I have?

Asked on March 2, 2015 under Estate Planning, Illinois

Answers:

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

Answered 6 years ago | Contributor

I am so sorry for your loss.  As the only child you are the only heir to the estate as well under the intestate succession laws in Illinois.  In order to refinance the home you would have to trasnfer it in to your name.  But understand that inheriting a house is the exception to the due on sale clause in the original loan, which means that you can continue to pay the mortgage on the property with out paying off the loan until the loan is satisfied.  I would speak to the bank that holds the mortgage and see if they can offer you any deals.  Good luck.


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