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 8 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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