Legal Question in Wills and Trusts in Pennsylvania

If you own 1/3 of the house, but can't get a conventional mortgage loan, if the other heirs are willing, you could buy the other 2/3, giving a mortgage to the other heirs to secure your paying them for their interests.

An estate probably couldn't/shouldn't agree to "hold" a mortgage [meaning to lend money in return for receiving a mortgage on the property], because the executor is responsible for paying all estate debts before distributing estate assets. Estates are not generally kept open for the time it would take to pay off a mortgage. But your co-heirs may be willing to receive the monthly payments plus interest if they allow you to borrow the purchase price and they receive a mortgage from you.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

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I am not sure exactly what you are referring to. Generally, when property is inherited, it is inherited subject to existing mortgages unless there is a direction in the will that the mortgage be satisfied.

What this means is that if you and the owners want to keep the home (assuming that there are no other debts or claims or if there are that there is enough in the estate to satisfy the debts and claims) you need to keep on paying the mortgage. The mortgage company generally does not care so long as the mortgage is paid by somebody.

If you only own 1/3rd of the house, that is going to be somewhat problematic as you are going to have to buy out the shares of the others if you want the house. With bad credit, your ability to get financing is going to be limited. I don't know that a mortgage lender is going to lend to the estate as the estate really has no legal title to the home so I don't see how the mortgage can be in the estate's name. But this will be up to the estate and a mortgage lender.

However, if there are sufficient other assets in the estate and the estate wants to act as a lender, it can lend you the money and hold a lien on the property in place of the mortgage company. This is more advanced stuff - see a lawyer and have the estate see a lawyer if this is what you wish to do as documents have to be properly drafted and filed to protect everyone's interests.

As a practical matter, I don't see why the estate would be lending funds unless this is something temporary to be done during the period of estate administration by which time it is hoped that your credit will be better and you can qualify for regular financing on your own.