Legal Question in Real Estate Law in New York
When my father died my brother-in-law settle the estate and assumed my dad's home equity loan still in my dad's name.I have been renting to own the home and there is only $2500 left on the loan from my dad.Can my Brother-in-law Quit claim deed the house to me and then I could go for a home equity loan to remodel the house.Also does the $2500 have to be paid first or can I include it in the home equity loan.Thanks!
Asked on 7/30/13, 8:07 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Normally the home equity is a first lien, so the existing mortgage must be paid from the proceeds. If it is to be a second lien, the existing mortgage can stay in place. Yes, the proeprty can be deeded to you, and you can take over the loan.
Answered on 7/30/13, 11:46 am
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