Legal Question in Wills and Trusts in New Jersey

Re: estate

you will want to get a lawyer's advice on this. many mortgages have a 'due on sale' provision, which means that the mortgage needs to be paid when the house is sold; this very well could apply to transfer of ownership on death of the owner. there may be some fairly easy ways to step around this, but you need some real advice.

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Re: estate

The banks will probably not allow the estate to assign the mortgages to you. In that case, if you want to keep the house, you can either pay off the mortgages or you can re-finance (pay them off and have a new mortgage).

Re: estate

The will needs to be probated. You need to transfer the Deed to your name.Also, you will probably have to refinance the mortgages, maybe with the same bank. If you want to wait a while, you probably could do it as long as six months from now as long as you continue to pay the mortgages. You should definitely get some legal advice. If our firm can be of help, please call us. We are very close to you. Good Luck.