Question
Do I have to refinance under my circumstances?
My mother filed a quitclaim deed with "rights of survivorship". Will I have to refinance the house when she passes away or can I assume the mortgage if I am put on the actual deed with the company?Recently, Country Wide was taken over by Bank of America. When Country Wide had the mortgage, they informed us that even when my mom dies all that they care about is that the house payments are made. I have no desire to sell the home or rent it but I have found conflicting information on the internet about this issue. Does anyone have a similar situation? I don't anticipate her passing away very soon but if I am going to have to actually get a loan I will have a tremendous amount of work to do in order to qualify. Thank you all that replied to my question. Today I was able to get the proper information from our current mortgage company. I do not have to refinance the home. I will simply make the payments. According to Bank of America, this is called a simple assumption of the mortgage. Thank you again for your help.
6 months ago - 3 answers
Best Answer
Chosen by Asker
i think u need to contact a real estate attorney and i sure would do it before mom leaves us ...or if that is not an option then walk into BOA with mortgage paper work in hand and ask for whoever is in charge of the real estate dept .... If mom does not have the original paper work then go online to your county clerkof courts.com [maybe .org] and print it, there might be a charge to do so ....You see it does not matter who buys who out the verbage of the original mortgage is still in place.... If mom is unable to go to the bank w/u then have her sign a release form giving u permission to discuss her mortgage terms ...by law they are not allowed to talk to u with out a form giving permission to do so ....some mortgages have a clause in it that states if the mortgagee [mom] is not living in the house the balance is due!! When something happens to mom she will not be in the house ...U really need to take care of this asap ...just make sure u talk to the manager and not just a clerk !! don't assume any verbage on the mortgage if it ain't there it ain't there... If they tell you all they care about is getting pd every month I sure would have him/her but something in writing ... I would like to know how this turns out ....If your state has Homestead see if u need to do anything for them ..good luck!!
Source(s)
FL REALTOR
6 months ago
Asker's Rating: 
Other Answers
You do not need to refinance unless you need cash to pay her other debts.
by Landlord- 5 months ago
There really isn't that much work to be done on your credit rating to get a loan. I suggest you look about a bit, make sure to not get ripped off, it is maybe worth consulting with a professional in the case that this does happen, usually it's free as they will try to pass you on to one of their partner firms.
by RefinancingGuy- 5 months ago