Legal Question in Real Estate Law in Iowa

Real Estate in a death situation

My mom recently passed away and has a home with a small mortgage on it. We would like to keep the home and continue to pay the payments. There was no specific mention of the home in her will. What is the best way for us to deal with the current mortgage holder? We would like to fix this up and maybe in a year or two sell the house. Will the current mortgage company allow us to continue to make payments on the house? The interest is too high and I would like to have the interest lowered so making these payments will be easier.


Asked on 3/19/09, 4:30 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Real Estate in a death situation

If the payments are made in a timely fashion, most lenders will take them without causing you any problems. If there was no specific mention of the house, it goes to the individual(s) listed in the residuary clause.

If you want a lower interest rate, you likely will need to get the title to the property in your name and then you will need to get a new loan in your name. You should contact an attorney to assist you with all of this.

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Answered on 3/23/09, 11:50 am


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