If my parents have died intestate, can I assume the mortgage on their house or will I have to buy it outright?

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If my parents have died intestate, can I assume the mortgage on their house or will I have to buy it outright?

Asked on March 2, 2012 under Estate Planning, Tennessee

Answers:

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

Answered 9 years ago | Contributor

I am so sorry for your loss.   Dying intestate and assuming a mortgage really have nothing to do with each other legally.  Most lenders do not have an asumption clause in a mortgage anymore.  There is what is known as a due on sale clause meaning that the lender can call in the mortgage upon a transfer of the deed except as in your case it is transfered pursuant to a transfer to a relative resulting from the death of a borrower. 
You just continue to pay it. That is the federal law. Get help though.  Good luck.  


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