Legal Question in Wills and Trusts in Pennsylvania

Re: borrowing against property from an estate

It is difficult to answer without knowing if you are an intestate heir and whether there are other heirs and what their attititude is regarding the house. I would imagine they would want to receive their share soon. If they do, you will have to negotiate a fair price. Of course, after you purchase the property, you are free to obtain a mortgage loan. If you prefer to assume the present mortgage, you will have to contact the holder of the mortgage and ask whether it can be assumed. If you would want to place a morgage against the property when it is still in the estate, you would have to obtain the consent of all the other heirs. In any event, it is important to act promptly, or you will get into issues like how much rent you should be paying and could be surcharged for the interest the heirs would have received if you would have sold the property promptly

Re: borrowing against property from an estate

Since you are an administrator and not an executor, that means there is no will. If, under the Intestate Act, you are the only heir and therefor entitled to the house, complete the administration of the estate and tranfer the house into your name and then mortgage it. If you are not the only one to inherit the house, you should buy out the other heirs and then transfer and mortgage the house.