How would I go by switching my father's mortgage to my name?...

1 answer | Last updated: Oct 14, 2016
A fellow caregiver asked...

How would I go by switching my father's mortgage to my name? My father and his wife recently passed away and they currently owe a great amount on the mortgage. I am willing to take it over, however, is there anyway I can refinance the house under my name? If so, would I need to put down a down payment on the house? I'm not sure how to go by this so any assistance would be great.

Expert Answers

You want to switch the mortgage into your name, after your father, the original owner, died. Have you obtained legal title to the house? As your father was the owner, there must be some legal process transferring ownership to you. This can be done by will, through a probate proceeding, or by living trust. If your father had neither a will or living trust leaving the property to you, you'll need to file what's called an "intestate"probate proceeding in the appropriate court"”assuming you are the legal heir for the property.

Once the property is legally in your name, the mortgage follows with it. Then refinancing is simply a matter of finding a lender willing to allow you to refinance.