Estate Law Questions? Ask an Estate Lawyer.
Hello, I am another expert here and perhaps I can shed some light on your situation. Since you inherited the home, you are not now, and never will be personally liable on the mortgage. You can, at any time, walk away from it without any adverse consequences to yourself. You don't need a new loan in order to own the home. You can take title to it from the decedent's estate and continue to collect the rent and pay the existing mortgage. That will net you $300 a month for as long as you can keep the bank from foreclosing. And this is all without any personal financial risk to you. It can get a little tricky dealing with the mortgage company, especially when the home is not in your name, so it is best to have the title transferred to your name as soon as possible. That is, if you do decide to try to hang onto it. If you don't want to be bothered, and these situations are not always easy to handle, you do not have to accept the bequest.
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