If a home with a $90,000 mortgage is left to 4 siblings, can anyone of them assume the mortgage?

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If a home with a $90,000 mortgage is left to 4 siblings, can anyone of them assume the mortgage?

If not, would it go into probate until the loan is satisfied?

Asked on June 26, 2014 under Estate Planning, Delaware

Answers:

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

Answered 6 years ago | Contributor

I am so sorry for your loss.  Let's start with a few facts about what happens when a house is left in an estate with a mortgage and how it differs from a regular transfer of real property such as in a sale.  First, generally speaking, banks do not let one "assume" a mortgage any longer.  Those days are long gone.  When property is transferred in a true sale the mortgage becomes "due and owing" and the bank is paid off. But what happens in an estate is that the beneficiary or beneficiaries of the estate can continue to pay the mortgage when the house is transferred in to their names with out the "due on sale" provision of the mortgage coming due.  It is the exception to the rule. Realistically nothing will happen if the mortgage keeps on being paid but the property can not be transferred with out Probate and an Executor's deed so I would not suggest paying the mortgage with out probate or an agreement between the parties as to what will happen between them.  Good luck.


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