Legal Question in Real Estate Law in Indiana

i am buying my home. it is in my name only. if i pass away, i want my sons to take over the note . will a transfer of death deed allow this


Asked on 12/22/11, 8:29 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

No. The note is between you and your lender and it cannot be changed in any respect, including who will pay it, unless the borrower and lender agree. You need to negotiate this matter with your lender---I'm sure that their response would be favorable because they want to be paid, regardless of who pays the note. Keep in mind that some mortgages can call for complete payment of the debt in the event that the borrower passes away.

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Answered on 12/23/11, 12:23 pm


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