My mother recently passed away. She has a home is was still paying on. I would like to keep her house. Will I be able to take over her mortg...

Question

My mother recently passed away. She has a home is was still paying on. I would like to keep her house. Will I be able to take over her mortgage payments. I don't have good credit. Will the bank take her house away because I won't be able to get on the deed?

Answer

Why can't you get on deed? Contact my Upper Darby office for a paid consult to assist you on this issue . 610-734-0750

Answer

When a person passes away with a mortgage on their house, the beneficiaries of the estate may take over the mortgage. You should consult with an attorney to assist you in your duties as executor of your mother's estate. This would include filing an inheritance tax return and transfer of the estate to you. Do not wait because you get a discount by paying the inheritance taxes early.

Best of luck,

Kevin A. Pollock, J.D., LL.M.

www.PollockAtLaw.com

P: (609) 818-1555

Licensed to practice law in Florida, New Jersey, New York and Pennsylvania.

Also, visit my blogs at:

http://WillsTrustsEstates.blogspot.com/

http://BaseballLaw.blogspot.com/

--------------------------------------------------------------------------

The foregoing is offered for informational purposes only and is not legal advice nor does it create an attorney-client relationship. To indicate that you have read the answer it would be appreciated if you would check either the thumbs up or thumbs down box below. Circular 230 Disclosure: Any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

Answer

No the bank will not take the house as long as you keep making the payments. However, you do not indicate when your mother died or whether she had any other assets/debts.

Claims for your mother's estate have to be paid before heirs receive anything. If you have bad credit I would not be deeding the house into your name and getting your name added to the mortgage until things improve for you. If you have bad credit, you may still be at a risk of a lawsuit.

For right now, you should consult with a probate attorney who practices in the county/state where your mother lived at the time of her death to see if probate is justified here by the assets and debts. You also do not indicate whether your mother had a will or whether there are any other heirs. If there are, unless your mother had a will leaving the home solely to you, then you would have to share the home with other siblings.