If the mortgage is in my deceased father’s name but my name is on deed but the lender won’t let me assume the loan, am I responsible for it and can they take my house?

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If the mortgage is in my deceased father’s name but my name is on deed but the lender won’t let me assume the loan, am I responsible for it and can they take my house?

My dad passed 17 years ago. My parents were both on the deed with just my dad on the mortgage. My mom tried to assume it but gave up and just continued paying on it. I was placed on the deed via a quit claim 3 years ago. I tried to assume that loan 3 different occasions but they say that I am financially unable due to an insufficient work history. Yet, I’ve been paying on it since I got the deed in my name. I do not have credit to get another loan to pay the existing mortgage off. What are my rights? Am I responsible for my dad’s loan. Can they take the house if I don’t pay it?

Asked on March 5, 2019 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

1) Being on a deed does not give you any right to assume or take over the mortgage. A lender must voluntarily agree to let someone not on the mortagge assume it--and they are not required to do so; they can refuse to anyone for any reason to assume an existing mortgage.
2) You are therefore not responsible for the loan: since you are not on it, you do not have to pay it.
3) However, if the loan is not paid, they may foreclose on the home: a lender may foreclose on a home or other real estate whenever a mortgage is not paid. The loan was made only on condition that the property could be taken if the loan was not paid, and the lender can enforce that condition.


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