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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 9 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.
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.