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Home >> Special Situations >> Deceased Individuals
Can Brothers Assume Mortgage of Inherited House?
My father recently died and left his house with a mortgage of $325,000 to my two brothers. Because my father had great credit, he had a great interest rate and mortgage payment. Now that my father is gone and the house is only in their names, can they resume the existing mortgage? My brothers don't want the house and don't want to sell in this market. Is it possible for me as brother to be put on the house deed by my brothers' request and assume the same mortgage interest and mortgage payment?
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 You must speak to the lender. They have a say in this. Most likely they will accept payments for a short term, but you will want ownership designations made. That means the deed needs to change. The lender may or may not want the loan as it is now. They certainly don't want the property or to suffer a loss because of the market, but who will own the house, now, when the mortgage is paid off, and what time difference is in-between the two.
The estate can't be settled while this is pending. Also, the loan is likely due in full with the passing of the borrower, your dad. Call the bank or mortgage lender you are paying and ask them what options they can offer.
Published on BankingQuestions.com 9/22/10
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