Can a mortgage loan be transferred over to a surviving title owne’s name?

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Can a mortgage loan be transferred over to a surviving title owne’s name?

My mom passed away and both of our names are on the title of the house through a trust however the mortgage loan is under my mom’s name only. There isn’t an executor of the estate.

Asked on April 3, 2012 under Estate Planning, California

Answers:

Hong Shen / Roberts Law Group

Answered 9 years ago | Contributor

I doubt there is a due on death clause in the loan document to accelerate the loan but double check the document to make sure. As long as you keep making payments, chances are the bank does not care. Then you would run into problems such as taxes. You should talk to the bank to refinance. Also check the trust document. If you are the trustee and the trust supposed to distribute the assets, then you can refinance on your own and the trust should terminate. If not, then the trust may have to obtain a new mortgage for the house, which is expensive. You should talk to an estate planning attorney to find the best way for you.


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