Legal Question in Real Estate Law in Texas
Inheritng a house
I inherited a house from my father and he owed approximately fifteen thousand dollars on it, I want to know if the mortgage company has to let me assume the mortgage and what are my rights under the law in this situation. Should I seek Financing and buy out the mortgage.
Asked on 9/04/03, 5:15 pm
1 Answer from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
Re: Inheritng a house
The reality is that you can probably continue the payments and nothing will ever be said by the loan company. They just want to be paid on time. However, if you begin to make the payments late they may try to use your assumption of the loan as a reason to accelerate and call the loan due. (Which is what they would do anyway under foreclosure proceedings.)
Answered on 9/04/03, 6:54 pm
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