Legal Question in Wills and Trusts in New Jersey
Probate Laws
My mother is decreased and my mother still owed on the mortgage. My brother wants to re-finance and put the house into his name. The mortage company is stating that the probate has to go through first before the loan goes through. My lawyer states that the probate can not go through until the loan goes through.
Can you please tell me who is correct? Thank you in advance.
2 Answers from Attorneys
Re: Probate Laws
Your lawyer should be able to solve your problem.
If your lawyer can not solve your problem, fire the lawyer and get someone who can.
Good luck to you.
Re: Probate Laws
In order to do the refinancing, your brother will need to own the house to properly offer it for a mortgage or to refinance. For him to become the owner, someone needs to be appointed as a representative of Mom's estate to sign the ownership transfer document (Deed), unless your brother has some other asset to post as security until everything is completed. Thus, your lawyer is mistaken if the house was owned by Mom when she died. Consider this like your brother was buying the house from the estate, with his mortgage closing taking place simultaneously with his getting a Deed, although someone still has to sign for the estate, so a probate may be required. Contact me directly if you need further information or assistance.
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