Refinancing two inherited homes
Hello we have inherited two homes from a family member. Each has a small mortgage. We also have a home with a mortgage. One of the properties is currently a rental that pays for itself the other we plan to move into. Ours we would rent out. What are the best options to refinance the two inherited homes to get them in our name? by bethie_713_640 from Camden, Ohio. Sep 8th 2011
Stephen Harris (stephen.harris)
#38 ranked lender in Ohio - 37 contributions
How long have you owned these two properties? They will both be considered as rental properties since you are not going to live in them. How are the mortgage history on the properties?
Hello,I'm sorry for your loss.You have several options. There are a few questions that must be answered to give you the most accurate answer. Is it your intent to keep all of these homes? Are they in the same state you live in? What is the value of the homes and what do you owe on them. There are a few more questions that we would address; however, these are some of the first and most important.My name is Katherine, you can reach me toll free at 877-362-9090 ext 79 or direct at 614-588-0201. I look forward to helping you. Have a great day!
Tim Bradford (Tim Bradford)
#5 ranked lender in Ohio - 145 contributions
Bethie, I see a number of answers already. The estate will take care of transfering the properties to your name. YOu could leave the current mortgage as they are right now, provided you continue to make the payments and the lenders do not object.
I think I should have been a little more specific. My uncle was divorced last year and his ex wife's name is still on the mortgages. Their divorce papers state that he when he paid her $20,000 she would relinquish rights to the properties. However, he passed before that happened. We have the $20,000 to give her but our atty said that we had to refinance the homes to get her off the mortgage. My husband and mother in law are the executors, Tim, so we are the "estate". :) Which means we don't know how to transfer the properties and obviously our atty isn't too helpful! Any ideas?? We plan to rent one out and move into the other.
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