My mother recently passed away and left our family home to my brother and I. While the original mortgage on the home is paid, there is still...

Question

My mother recently passed away and left our family home to my brother and I. While the original mortgage on the home is paid, there is still an outstanding home equity loan in her name. How do we go about changing the title over to us, and is it possible to do so while leaving the equity loan in her name?

Answer

If the property was left to you by Will, you need to file a Probate. The property will pass from the Probate Estate to you subject to any liens which exist. The equity loan company would need to be given notice of the Probate. The terms of the equity loan control as to whether it would be accelerated now that she has passed away. Have an attorney review all of this for you. Sorry for your loss.

Answer

The home would need to go through probate.

Most of the time you can assume the mortgage and

keep making the payments.