[atlanticdare]

I inherited my parents home in Hernando county florida. I want to have the home transferred into my name but I do not know what happens with the mortgage that is on the home. Will I just continue payments or will I have to refinance the mortgage in my name. I can't believe that the bank will let me continue paying the mortgage without some type of agreement that is in my name, not my parents. I would appreciate if someone knows the answer to this... Thanks

[hiknapster]

Call a lawyer.

The lawyer that informed you that you inherited the home doesn't know? Did your parents die? Because that what an inheritance means.

In any event, no one can advise you like a lawyer. And no, you don't pay the mortgage. It's not in your name.

[atlanticdare]

Thanks! But I do have a lawyer in Florida and somehow I thought getting an answer on here was not a problem, but I guess it is.

[BigFish_LittleFish]

You'll have to have the names on the deed and mortgage changed into yours, and continue payments. If you don't do this, then the home will not legally be yours. Refinancing is a different thing; when the home becomes officially yours, then you should be able to do that. Good luck. Btw, the bank doesn't care who pays, as long as they're getting the money.

[hiknapster]

You have a lawyer but prefer to ask a bunch of strangers on a forum for advice concerning a home and inheritance?

[crazynip]

First: dont pay the mortgage
Second: move into the house
Third: let the bank foreclose on it
Fourth: sue the bank and claim "adverse possession"
Fifth: get a free house

I am not a lawyer, but this is what I would do, it's the fashionable thing lately.

[JBtwinz]

Originally Posted by atlanticdare

Thanks! But I do have a lawyer in Florida and somehow I thought getting an answer on here was not a problem, but I guess it is.

You need professional advice ASAP. The big thing is the mortgage. Is the house underwater, worth less than owed. If not a leap of faith on your part making payments on a loan your not on. Banks will start paper on late payments and then your playing catchup if you even qualify for a mortgage on it. Good Luck and be very pro active

[justNancy]

I have to agree with Hiknapster and JBtwinz. After all, there's a difference between signing onto a forum to get information and opinions and handling a legal matter.

Will this be your primary residence? If so, you need to change the name of the deed and file for Homestead Exemption. If not, but your parents were living there, your taxes will change. Too many things to list, but you won't get all the answers here, only a few suggestions.

You might also have to report this to the IRS. Depends on the situation. (if they're alive or deceased, if there is equity in the home, etc.)

As above suggested, you need to call an Estate Attorney and/or a Certified Public Accountant. Too many "what ifs" to discuss.

[$musicman$]

Originally Posted by BigFish_LittleFish

You'll have to have the names on the deed and mortgage changed into yours, and continue payments. If you don't do this, then the home will not legally be yours. Refinancing is a different thing; when the home becomes officially yours, then you should be able to do that. Good luck. Btw, the bank doesn't care who pays, as long as they're getting the money.

I think you nailed it.

[BucFan]

Sounds like you need to go through probate (lawyers, court, judge). They would have been very wise to have established a Trust w/ you included - would have made things a lot easier for beneficiaries.

This guy would know.

http://www.attypip.com/