If my father purchased a home with a mortgage and I inherit it, how can I ensure that the property goes to me without the lender foreclosing as long as I make the payments?

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If my father purchased a home with a mortgage and I inherit it, how can I ensure that the property goes to me without the lender foreclosing as long as I make the payments?

His intent is to leave the home to me. I do not have the credit necessary to transfer the property to me.

Asked on June 23, 2015 under Estate Planning, Oregon

Answers:

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

Answered 6 years ago | Contributor

You are doing a little estate planning which is always a good thing.  Inheritance is the execption to the "due on sale or transfer" clause in a mortgage.  That means that that the lender can not call in the loan if it is trasnferred pursuant to a probate proceeding.  So as long as you continue to pay the mortgage you will be fine.  Good luck.


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