Legal Question in Real Estate Law in Massachusetts
My husband died and my name is on the deed at the town hall but not on the Fannie Mae loan we remodified to save our home in MA 2 years ago. I am told by the bank that holds the loan I can not assume the loan because it is a federal loan. I was also told by someone I do not have to pay the loan because it is not in my name and I can still own the home outright without paying the loan. I have been married 32 years and have own the home since 2005
2 Answers from Attorneys
I do not know who told you you cannot assume the loan, but under the St. Germain Act the bank is required to allow you to assume the loan. The only exception would be if this is a reverse mortgage.
I strongly suggest you contact an attorney for assistance ASAP.
Thank you for your question and please accept my condolences.
Our office handles estate administration for folks who find themselves responsible for managing the estate and affairs of a deceased loved one. Our office also handles real estate disputes and concerns. There are a number of moving parts here, and I strongly suggest that you retain counsel.
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